Fitch rates Oversea-Chinese Banking notes A+

Fitch Ratings said it assigned a long-term rating of A+ to Oversea-Chinese Banking Corp. Ltd.'s proposed dollar-denominated subordinated notes due 2019, callable with step-up in 2014.

The rating on the notes is one notch below the bank's AA- long-term foreign-currency issuer default rating and is in accordance with Fitch's criteria of rating subordinated debt instruments of financial institutions.

The agency said it believes that capital impairment risks remain low with asset quality deterioration mostly just an earnings issue over the next 12 to 18 months, Fitch said, and this underpins the stable outlook on the bank's high ratings.

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