Fitch rates Oversea-Chinese Banking notes AA-

Fitch Ratings said it assigned a rating of AA- to Oversea-Chinese Banking Corp.’s A$300 million floating-rate notes due March 2020.

The notes will be issued through the bank’s Sydney Branch under its $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, Fitch said, because the notes will constitute direct, unsubordinated and unsecured obligations of the bank and rank equally with all its other unsecured and unsubordinated obligations.

The bank also has a short-term issuer default rating of F1+ and viability rating of AA-, the agency said.

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