Fitch rates Oversea-Chinese notes A+

Fitch Ratings said it assigned Oversea-Chinese Banking Corp.'s $1 billion 3.15% subordinated notes due 2023, issued under the bank's $10 billion global medium term note program a final rating of A+.

The long-term issuer default rating is AA-.

The outlook is stable.

Proceeds will be used for general corporate purposes and to augment the bank's tier 2 capital. The notes are expected to qualify as lower tier 2 capital as per the Monetary Authority of Singapore's guidelines and be eligible for Basel III transitional treatment, according to the agency.

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