Fitch rates Oversea-Chinese Bank notes A+

Fitch Ratings has assigned a final rating of A+ to Oversea-Chinese Banking Corp.'s $1 billion 4% Basel III-compliant tier 2 capital securities due 2024 and placed the rating on Rating Watch negative.

The other ratings placed on negative watch include the bank's long-term issuer default rating of AA-, short-term issuer default rating of F1+ and viability rating of AA-.

The 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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