(The following statement was released by the rating agency)SINGAPORE, November 11 (Fitch) Fitch Ratings has assigned Singapore-based United Overseas Bank Limited's (UOB) proposed Singapore dollar-denominated non-cumulative non-convertible perpetual capital securities an expected rating of 'BBB(EXP)'.The final rating is subject to the receipt of final documentation conforming to information already received.KEY RATING DRIVERSThe securities are rated five notches below UOB's 'aa-' Viability Rating (VR) - two notches for loss severity and three notches for non-performance risk, in accordance with Fitch's criteria. The loss-severity risk is high in view of the securities' deep subordination status. The securities - together with other Tier 1 capital securities - will rank ahead of claims from only UOB's ordinary shareholders, and will rank below all senior creditors (including depositors) and holders of subordinated Lower and Upper Tier 2 capital securities of the bank. Non-performance risk arises from the fact that UOB and the Monetary Authority of Singapore will have unrestricted discretion in cancelling any periodic distribution on the proposed securities. Distribution on the securities would otherwise be made semi-annually at a fixed rate, based on the prevailing principal amount.RATING SENSITIVITIESA change in UOB's VR will have an impact on the securities rating.For more details on UOB's ratings and credit profile, see "Fitch Affirms DBS, OCBC & UOB at 'AA-'; Outlook Stable", dated 23 October 2013, and UOB's full rating report, dated 29 April 2013, available at 
  www.fitchratings.com.
 UOB's other ratings are as follows:- Long-Term Issuer Default Rating 'AA-'; Outlook Stable- Short-Term Issuer Default Rating 'F1+'- Viability Rating 'aa-'- Support Rating '1'- Support Rating Floor 'A-'Contacts:Primary AnalystAlfred ChanDirector+65 6796 7220Fitch Ratings Singapore PTE Ltd6 Temasek Boulevard#35-05 Suntec Tower FourSingapore 038986Secondary AnalystAmbreesh SrivastavaSenior Director+65 6796 7218Committee ChairpersonMark YoungManaging Director+65 6796 7229Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com.Additional information is available at 
  www.fitchratings.com.
  Applicable criteria, "Global Financial Institutions Rating Criteria", dated 15 August 2012, and "Assessing and Rating Bank Subordinated and Hybrid Securities", dated 5 December 2012, are available at 
  www.fitchratings.com.
 Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181
 Assessing and Rating Bank Subordinated and Hybrid Securities
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695542
 Additional Disclosure Solicitation Status 
  http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=807591
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