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RPT-Fitch Rates OCBC's Australian Dollar Senior Notes 'AA-(EXP)'
March 14, 2014 / 10:48 AM / 4 years ago

RPT-Fitch Rates OCBC's Australian Dollar Senior Notes 'AA-(EXP)'

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March 14 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has assigned Singapore-based Oversea-Chinese Banking Corp’s (OCBC; AA-/Stable) proposed AUD400m floating rate notes due 2017 an expected rating of ‘AA-(EXP)'. The notes will be issued under OCBC’s USD10bn global medium-term note programme. The final rating is subject to the receipt of final documentation conforming to information already received. The proceeds will be used for OCBC’s general corporate purposes.

KEY RATING DRIVERS

The senior notes are rated at the same level as OCBC’s ‘AA-’ Long-Term Issuer Default Rating (IDR). This is because the notes will constitute direct, unsubordinated and senior unsecured obligations of the bank, and will rank equally with all its other unsecured and unsubordinated obligations.

RATING SENSITIVITIES

The rating on the notes is sensitive to changes in OCBC’s IDR. For more details on OCBC’s ratings and credit profile, see “Fitch Affirms DBS, OCBC and UOB at ‘AA-'; Outlook Stable”, dated 23 October 2013, and OCBC’s full rating report, dated 2 May 2013, available at www.fitchratings.com.

OCBC’s other ratings are as follows:

Long-Term IDR ‘AA-'; Outlook Stable

Short-Term IDR ‘F1+’

Viability Rating ‘aa-’

Support Rating ‘1’

Support Rating Floor ‘A-'

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