Fitch rates Oversea-Chinese notes AA-

Fitch Ratings said it assigned a rating of AA- to Oversea-Chinese Banking Corp.’s HK$1.35 billion 1.67% senior unsecured notes due 2017.

The notes are issued under the bank’s $10 billion global medium-term note program.

The senior notes are rated at the same level as the company’s AA- long-term issuer default rating, Fitch said.

This is because the notes constitute direct, unsubordinated and senior unsecured obligations of the bank, the agency said, and rank equally with all its other unsecured and unsubordinated obligations.

The rating on the notes is sensitive to changes in the company’s issuer default rating, which is driven by its viability rating of AA-, Fitch said.

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