RPT-Fitch Rates OCBC's GBP Senior Notes Due 2017 'AA-'/RWN

Fri May 16, 2014 2:55am EDT

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May 16 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has assigned Oversea-Chinese Banking Corp's (OCBC) GBP250m floating rate notes due 2017 a rating of 'AA-', on Rating Watch Negative (RWN).

KEY RATING DRIVERS

The senior notes are rated at the same level as OCBC's 'AA-'/RWN Long-Term Issuer Default Rating (IDR). This is because the notes constitute direct, unsubordinated and senior unsecured obligations of the bank, and rank equally with all its other unsecured and unsubordinated obligations.

RATING SENSITIVITIES

A change in OCBC's Long-Term IDR, presently on RWN, will have an impact on the senior notes rating. The RWN reflects OCBC's planned acquisition of Hong Kong's Wing Hang Bank Limited (A-/Rating Watch Positive) and also applies to OCBC's Long-Term and Short-Term Issuer Default Ratings (see "Fitch Places OCBC on Watch Negative on Wing Hang Bank Takeover Plan", dated 2 April 2014).

Established in 1932, OCBC is a Singapore-based bank with reported total assets of SGD344bn at end-March 2014.

OCBC's other ratings are as follows:

Long-Term IDR 'AA-'; on RWN

Short-Term IDR 'F1+'; on RWN

Viability Rating 'aa-'; on RWN

Support Rating '1'

Support Rating Floor 'A-'

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