Fitch rates Oversea-Chinese notes AA-

Fitch Ratings said it assigned Oversea-Chinese Banking Corp.'s (OCBC; AA-/stable) proposed Australian dollar-denominated floating-rate notes due October 2020 an expected rating of AA-(EXP).

The notes will be issued under OCBC's $10 billion global medium-term note program.

Proceeds will be used for general corporate purposes.

The notes are rated at the same level as OCBC's AA- long-term issuer default rating. Fitch said this is because they will constitute direct, unsubordinated and unsecured obligations of the bank, and will rank equally with all its other unsecured and unsubordinated obligations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.