S&P rates Oversea-Chinese notes BBB-

S&P said it gave a BBB- long-term issue rating to the Singapore dollar-denominated tier-1 perpetual capital securities issued by Oversea-Chinese Banking Corp. Ltd. The notes are under the bank's $30 billion global medium-term note program.

The rating is four notches below the bank’s stand-alone credit profile at a. The rating reflects the notes’ subordination, the discretion to cancel any periodic dividend payments and a nonviability clause that requires the bank to permanently write off the securities, partly or fully, if a loss-absorption event occurs, the agency explained.

The outlook is stable.

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