Fitch rates Oversea-Chinese Banking notes A+

Fitch Ratings said it assigned an expected A+ rating to Oversea-Chinese Banking Corp.'s proposed dollar-denominated Basel III-compliant tier 2 capital securities on Rating Watch negative.

Also on negative watch includes the bank's long-term issuer default rating of AA-, short-term issuer default rating of F1+ and viability rating of AA-.

The Basel III-compliant tier 2 securities are rated one notch below the bank's viability rating of AA- to reflect their below-average loss-severity risk due to their partial rather than mandatory full write-off feature, Fitch said.

The notes contain a non-viability clause and rank subordinated to senior unsecured instruments, the agency said.

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