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 Singapore 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. The notes will represent direct, unsecured and subordinated obligations, Fitch said, and will rank pari passu with the bank's other subordinated debt securities that are lower tier 2 capital instruments.

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