S&P rates Oversea-Chinese Banking notes A+

Standard & Poor's said it assigned an A+ long-term issue rating to the dollar-denominated subordinated notes due 2023 by Oversea-Chinese Banking Corp. Ltd.

These notes are issued under the bank's $10 billion global medium-term note program.

The subordinated notes qualify as lower tier-2 capital of the bank and will be direct, unsecured and subordinated to the claims of senior creditors.

The notes will rank senior to all share capital of the bank, tier-1 capital securities and upper tier-2 capital securities, S&P said.

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