Fitch gives Oversea-Chinese notes AA-

Fitch Ratings said it gave Oversea-Chinese Banking Corp. Ltd.’s A$1 billion of senior green floating-rate notes an AA- rating. The notes will be sold through the bank’s Sydney branch.

“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 statement.

The proceeds will be used to finance or refinance new or qualifying assets under OCBC's sustainability bond framework.

The outlook is stable.

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