TEXT-S&PCORRECT: S&P Rates NTUC Income's Proposed Notes 'A+'

(The following was released by the rating agency)

(Editor's note: In this media release, originally published

Aug. 10, 2012, the ASEAN regional scale rating on NTUC Income

Insurance Co-operative Ltd.'s callable subordinated notes was

misstated. The ASEAN rating on the notes is 'axAA+'. The ratings

on the company and the global scale issue rating on the notes

were not affected. A corrected version follows.)

SINGAPORE (Standard & Poor's) Aug. 10, 2012--Standard &

Poor's Ratings Services today assigned its 'A+' issue rating to

the proposed Singapore dollar callable subordinated notes by

NTUC Income Insurance Co-operative Ltd. (local currency

AA-/Stable/--). At the same time, Standard & Poor's assigned its

'axAAA' long-term ASEAN regional scale rating to NTUC Income

Insurance and its 'axAA+' rating to the proposed notes.

The proposed notes will constitute direct, unsecured, and

subordinated obligations of the issuer and will rank equally

with all other subordinated obligations. The notes will be

subordinated to the claims of NTUC Income's senior creditors

(including policyholders). The proposed notes are due in 15

years and are callable in 10 years.

The one notch difference between the issue rating on the

proposed notes and the counterparty credit rating on NTUC Income

reflects the subordinated nature of the notes. Standard & Poor's

does not accord capital credit to subordinated debt and

considers it as debt in its analysis.

The rating on the subordinated notes is subject to Standard

& Poor's review of the final issuance documentation. The company

intends to use the proceeds from the proposed notes for working

capital.

The ASEAN scale ratings reflect our opinion of the overall

creditworthiness of an insurer ("obligor") to meet its financial

obligations as they come due, relative to other ASEAN

(Association of Southeast Asian Nations) obligors. An obligor

rated 'axAAA' has the highest rating assigned on Standard &

Poor's ASEAN regional scale, and has very strong capacity to

meet its financial commitments on the obligation, relative to

other ASEAN obligors.

A regional scale differs from the global and national scale

in terms of the basis of comparison. Regional scale ratings are

based primarily on credit risk comparisons within a specific

region, while global scale ratings are based on global

comparisons, and national scale ratings are based on comparison

within a domestic context. Therefore, regional scale ratings

enable relative comparison of credit risks within and across a

region.

RELATED CRITERIA AND RESEARCH

-- Rating Government-Related Entities: Methodology And

Assumptions, Dec. 9, 2010

-- Refined Methodology And Assumptions For Analyzing Insurer

Capital Adequacy Using The Risk-Based Insurance Capital Model,

June 7, 2010

-- Credit FAQ: ASEAN Regional Credit Rating Scale Explained,

May 2, 2009

-- Interactive Ratings Methodology, April 22, 2009

-- Hybrid Capital Handbook: September 2008 Edition, Sept.

15, 2008

-- Flexible Gapping Of Ratings Reflects Regional Variations

In Structural Subordination As Well As Differing Debt-Servicing

Capacities, May 25, 2005

Source: http://news.yahoo.com/text-pcorrect-p-rates-ntuc-incomes-proposed-notes-044455619--sector.html

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