Fitch rates Oversea-Chinese Banking notes BBB

Fitch Ratings said it assigned a final rating of BBB to Oversea-Chinese Banking Corp.’s S$500 million 3.80% non-cumulative non-convertible perpetual capital securities.

The final rating follows the completion of the securities issue, as well as the receipt of final documentation conforming to information previously received, Fitch said.

The final rating is the same as the expected rating assigned in August, the agency said.

The securities are rated five notches below the bank’s AA- viability rating, comprising two notches for loss severity and three notches for non-performance risk, according to the agency’s criteria.

The loss severity is high in view of the securities’ deep subordination status, Fitch said.

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

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