S&P rates Oversea-Chinese Banking securities BBB-

S&P said it assigned its BBB- long-term issue rating to the proposed issue of Singapore dollar-denominated Tier-1 perpetual capital securities by Oversea-Chinese Banking Corp. Ltd. (AA-/stable/A-1+).

S&P rates the securities four notches below OCBC’s stand-alone credit profile of a.

The issue rating reflects: the securities' risk of subordination; OCBC's full discretion to cancel any periodic dividend payments; and a nonviability clause that requires the bank to permanently write off the securities, partly or fully, if a loss-absorption event occurs.

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