Fitch rates Oversea-Chinese Banking notes A+

Fitch Ratings said it assigned a long-term rating of A+ to Oversea-Chinese Banking Corp.'s proposed issue of Malaysian ringgit-denominated subordinated notes due 2018, callable with step-up in 2013.

The rating is one notch lower than the bank's long-term foreign-currency issuer default rating of AA-. The notes will be direct, unsecured and subordinated obligations of the bank and rank pari passu with all subordinated debts issued by the bank that qualify as lower tier-2 capital securities.

Fitch said the bank's outlook is stable and supported by improving asset quality and strong capitalization. Although the operating environment in the bank's main markets may be less benign in the future as a result of the expected slowdown in the United States, the bank's credit profile should stay sufficiently strong to maintain its ratings at their current level, the agency said.

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