Fitch rates Oversea-Chinese Banking floaters AA-

Fitch Ratings said it has assigned Oversea-Chinese Banking Corp.'s £250 million of floating-rate notes due 2017 a rating of AA-, on rating watch negative.

The agency said that the senior notes are rated at the same level as the company's AA-/negative watch long-term issuer default rating. This is because the notes constitute direct, unsubordinated and senior unsecured obligations of the bank and rank equally with all its other unsecured and unsubordinated obligations.

A change in OCBC's long-term issuer default rating, presently on watch, will have an impact on the senior notes rating, Fitch said, noting that the watch reflects the company's planned acquisition of Hong Kong's Wing Hang Bank Ltd. (A-/rating watch positive).

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