Fitch gives OCBC notes BBB+

Fitch Ratings said it assigned Oversea-Chinese Banking Corp. Ltd.'s $450 million of perpetual capital securities a BBB+ rating. The notes are issued under OCBC's $30 billion global medium-term note program.

“These additional tier 1 (AT1) capital securities are rated four notches below OCBC's aa- viability rating, comprising two notches for loss severity and two notches for non-performance risk, according to Fitch's bank rating criteria and in line with other Fitch-rated AT1 securities issued by OCBC,” the agency said in a statement.

The outlook is stable.

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