TEXT-Fitch Rates OCBC's GMTN Programme 'AA-'
SINGAPORE, September 03 (Fitch) Fitch Ratings has assigned Oversea-Chinese Banking Corp's (OCBC) USD10bn global medium-term note programme (GMTN) a senior unsecured rating of 'AA-'.
The programme rating is at the same level as OCBC's Long-Term Issuer Default Rating (IDR). The bank can issue both senior and subordinated notes under the GMTN. Fitch stresses that there is no assurance that the notes issued under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the programme rating.
Established in 1932, OCBC is a Singapore-based listed bank. It has been expanding within Asia, although as at end-June 2012, Singapore and Malaysia accounted for the majority of its asset base at 82%.
For more details on OCBC's ratings and credit profile, see "Fitch Affirms DBS, OCBC and UOB; Outlook Stable", dated 24 April 2012, and OCBC's full rating report, dated 6 June 2012, available at www.fitchratings.com.
OCBC's other ratings are as follows:
- Long-Term IDR 'AA-'; Outlook Stable
- Short-Term IDR 'F1+'
- Viability Rating 'aa-' - Support Rating '1'
- Support Rating Floor 'A-'
- Tweet this
- Share this
- Digg this