S&P rates OCBC notes BBB+

S&P said it rated Oversea-Chinese Banking Corp. Ltd.’s $750 million of tier-2 subordinated notes BBB+. The notes were sold under the bank’s $30 billion medium-term note program.

The agency said the rating is based on OCBC’s stand-alone profile of a minus two notches. S&P deducts a notch for subordination and another for a nonviability clause that requires the bank to permanently write off the securities, partly or fully, if a loss-absorption event occurs.

The outlook is stable.

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