S&P rates OCBC green notes AA-

S&P said it assigned its AA- long-term issue rating to the senior unsecured green notes by Oversea-Chinese Banking Corp. Ltd. These floating-rate notes were issued under the Singapore-based bank's $30 billion global medium-term note program. OCBC's Sydney branch conducted the offering.

“We equalize the rating on the notes with the issuer credit ratings on OCBC. This reflects our expectation that the notes shall at all times rank equally with all other senior unsecured obligations of the bank,” the agency said in a press release.

OCBC will use the proceeds to finance or refinance new or qualifying assets that meet the eligibility criteria for green bonds under the bank's sustainability bond framework.

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