Fitch rates Oversea-Chinese notes AA-

Fitch Ratings said it assigned an AA- rating to Oversea-Chinese Banking Corp.’s $100 million one-year floating-rate notes due June 2016.

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

The notes are rated at the same level as the bank’s AA- long-term issuer default rating. The bank also has a short-term issuer default rating of F1+.

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

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 said.

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