S&P rates Oversea-Chinese notes AA-, BBB+

Standard & Poor's said it assigned its AA- long-term issue rating to the senior notes and BBB+ long-term issue rating to the tier 2 notes under the updated $10 billion medium-term notes program of Oversea-Chinese Banking Corp. Ltd. (AA-/stable/A-1+; axAAA/axA-1+).

At the same time, the agency affirmed the AA- long-term issue rating on the existing senior notes and the A+ long-term issue rating on the existing tier-2 notes that Oversea-Chinese has issued under the program.

S&P assigned ratings on the new tier-2 notes two notches below Oversea-Chinese's stand-alone credit profile. The issue rating reflects: the securities' risk of subordination; and a contingency clause requiring conversion into common equity or write-off on the activation of a non-viability trigger.

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