S&P affirms Oversea-Chinese Banking

Standard & Poor's said it affirmed the A+ long-term and A-1 short-term counterparty credit ratings on Oversea-Chinese Banking Corp. Ltd.

The ratings reflect the bank's improving financial profile, particularly asset quality, provisioning coverage, and profitability. The improvement is due to the stronger economy, as well as the bank's ongoing measures to rehabilitate asset quality and diversify its revenue base. The ratings also acknowledge the bank's well-recognized franchise within the domestic banking industry, and the expectation that it will continue to maintain capital at a level commensurate with the underlying risk profile.

S&P also rates the bank's junior subordinated debt at A-, preference stock at A-, and senior unsecured debt at A+.

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