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Fitch: Oversea-Chinese Banking notes AA-(EXP)
Fitch Ratings said it assigned Oversea-Chinese Banking Corp. Ltd.'s proposed Australian dollar-denominated floating-rate notes an expected rating of AA-(EXP).
The notes will be issued under Oversea-Chinese Banking's $10 billion global medium-term note program.
The proceeds will be used for general corporate purposes.
The notes are rated at the same level as Oversea-Chinese Banking's long-term issuer default rating, Fitch said. This is because the notes will constitute direct, unsubordinated and senior unsecured obligations of the bank, and will rank equally with all its other unsecured and unsubordinated obligations.
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