Fitch gives OCBC tier 2 notes A

Fitch Ratings said it assigned Oversea-Chinese Banking Corp. Ltd.'s $750 million of tier 2 subordinated notes due June 2032 an A rating. The notes will be issued under OCBC's $30 billion global medium-term note program on June 15.

“The notes are rated two notches below OCBC's viability rating of aa-, in accordance with Fitch's bank rating criteria. This reflects higher loss-severity risk relative to senior unsecured instruments stemming from the notes' subordinated status, the presence of a non-viability clause and the partial or full write-down feature at the point of non-viability,” the agency said in a press release.

The outlook is stable.

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