Fitch rates OCBC securities at BBB+

Fitch Ratings said it assigned Oversea-Chinese Banking Corp. Ltd.'s S$550 million of perpetual capital securities a BBB+ rating. The notes will be issued under OCBC's $30 billion global medium-term note program.

The notes will qualify as additional tier 1 securities.

The rating is four notches below OCBC’s viability rating. The agency said, based on its rating criteria, it deducts two notches for loss severity and two for the risk of non-performance. In order of claims, the securities rank behind senior creditors, including depositors and holders of additional tier 2 capital securities.

The outlook is stable.

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