Fitch rates OCBC notes A+

Fitch Ratings said it assigned an expected rating of A+ to Oversea-Chinese Banking Corp.’s (OCBC) proposed dollar-denominated Basel III-compliant tier 2 capital securities and placed the rating on Rating Watch Negative.

The securities are rated one notch below the bank’s viability rating of AA-, reflecting 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.

The bank also has a long-term issuer default rating of AA- and short-term issuer default rating of F1+. All of the ratings are on negative watch, Fitch added.

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