S&P rates OCBC preferreds A-

Standard & Poor's said it assigned an A- rating to the proposed S$1 billion non-cumulative guaranteed preference shares to be issued by OCBC Capital Corp., a wholly owned subsidiary of Oversea-Chinese Banking Corp. Ltd. (A+/stable/A-1).

S&P said the differential between the rating on the proposed preference shares and the A+ counterparty credit rating on OCBC Bank reflects the subordinated nature of the preferreds and the risk of nonpayment of dividends under certain scenarios.

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