S&P rates Oversea-Chinese Banking notes A

Standard & Poor's said it assigned an A issue rating to Oversea-Chinese Banking Corp. Ltd.'s (A+/stable/A-1) proposed Singapore dollar-denominated subordinated notes due 2017. The notes are callable in 2012 and will initially bear interest at a fixed rate; if they are not called, the interest will be reset at a floating rate with a step up.

Proceeds will be used for general corporate purposes.

The agency said the differential between the rating on the proposed notes and the A+ counterparty credit rating on Oversea-Chinese Banking reflects the subordinated nature of the notes.

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