Fitch assigns OCBC green notes AA-

Fitch Ratings said it assigned Oversea-Chinese Banking Corp. Ltd.'s A$500 million of senior unsecured green floating-rate notes due August 2024 a rating of AA-.

OCBC's Sydney branch will issue the notes under the bank's $30 billion global medium-term note program.

“The notes are rated at the same level as OCBC's AA- long-term issuer default rating (IDR) as they constitute direct, unsecured, and unsubordinated obligations of the bank, and rank equally with all its other unsecured and unsubordinated obligations,” Fitch said in a press release.

The proceeds of the bonds will be channeled to eligible assets specified under the bank's sustainability bond framework.

The outlook is stable.

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