Fitch rates Oversea-Chinese notes AA-

Fitch Ratings said it assigned an expected AA- rating to Oversea-Chinese Banking Corp.’s proposed Australian dollar-denominated floating-rate notes due 2018.

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

The proceeds will be used for general corporate purposes, Fitch said.

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 rating issuer default rating of F1+.

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

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

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