S&P rates Oversea-Chinese notes BBB-

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

The securities are rated four notches below OCBC’s stand-alone credit profile of a. In a press release, S&P said it subtracts notches for subordination, the option to cancel any periodic dividend payments and a nonviability clause that may be triggered by a Monetary Authority of Singapore decision if it decides the bank is nonviable.

The outlook is stable.

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