Fitch rates Oversea-Chinese notes AA-

Fitch Ratings said it assigned a final rating of AA- to Oversea-Chinese Banking Corp.’s A$400 million floating-rate notes due 2018.

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

This follows the completion of the notes issue, as well as the receipt of final documents conforming to information previously received, Fitch said.

The final rating is same as the expected rating assigned Nov. 5, the agency said.

The proceeds will be used for general corporate purposes.

The notes are rated at the same level as the bank’s AA- long-term issuer default rating, Fitch said.

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 on 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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