Fitch rates Oversea-Chinese Banking notes AA-

Fitch Ratings said it assigned a rating of AA- to Oversea-Chinese Banking Corp.’s $100 million 1.52% 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 bank’s AA- long-term issuer default rating, the agency said. This is because the notes constitute direct, unsubordinated and senior unsecured obligations of the bank, Fitch said, and rank equally with all its other unsecured and unsubordinated obligations.

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

The bank also has a short-term issuer default rating of F1+.

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