(The following statement was released by the rating agency)
SINGAPORE, April 03 (Fitch) Fitch Ratings has confirmed that the
Oversea-Chinese Banking Corp's (OCBC) senior unsecured USD10bn
medium-term note (GMTN) programme is 'AA-', on Rating Watch
The confirmation follows a periodic update of the programme,
of certain terms and conditions and to reflect the most recent
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
will have the same rating as the programme rating. The agency
does not assign
generic programme ratings to subordinated notes, which will be
rated on a
KEY RATING DRIVERS
The senior unsecured programme rating is at the same level as
Issuer Default Rating (IDR). This is because the senior notes
unsubordinated and senior unsecured obligations of the bank, and
with all of its other unsecured and unsubordinated obligations.
A change in OCBC's Long-Term IDR, presently on RWN, will have an
impact on the
senior unsecured rating of the GMTN programme. The RWN reflects
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
Plan", dated 2 April 2014).
Established in 1932, OCBC is a Singapore-based listed bank with
assets of SGD338bn at end-2013.
For more details on OCBC's ratings and credit profile, see
OCBC's full rating
report, dated 2 May 2013, available at www.fitchratings.com.
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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Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234,
Additional information is available at www.fitchratings.com.
Applicable criteria, "Global Financial Institutions Rating
Criteria", dated 31
January 2014; are available at www.fitchratings.com.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
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