April 4, 2014 / 4:42 AM / 3 years ago

Fitch: OCBC's Updated GMTN Programme Rated 'AA-', on Rating Watch Negative

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(The following statement was released by the rating agency) SINGAPORE, April 03 (Fitch) Fitch Ratings has confirmed that the rating for Oversea-Chinese Banking Corp's (OCBC) senior unsecured USD10bn global medium-term note (GMTN) programme is 'AA-', on Rating Watch Negative (RWN). The confirmation follows a periodic update of the programme, including revisions of certain terms and conditions and to reflect the most recent regulatory requirements. 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. The agency does not assign generic programme ratings to subordinated notes, which will be rated on a case-by-case basis. KEY RATING DRIVERS The senior unsecured programme rating is at the same level as OCBC's Long-Term Issuer Default Rating (IDR). This is because the senior notes are direct, unsubordinated and senior unsecured obligations of the bank, and rank equally with all of 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 unsecured rating of the GMTN programme. 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 and Viability 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 listed bank with reported total 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-' Contacts: Primary Analyst Mikho Irawady Associate Director +65 6796 7230 Fitch Ratings Singapore PTE Ltd 6 Temasek Boulevard #35-05 Suntec Tower Four Singapore 038986 Secondary Analyst Ambreesh Srivastava Senior Director +65 6796 7218 Committee Chairperson Mark Young Managing Director +65 6796 7229 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. 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 here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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