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Fitch Rates OCBC's Australian Dollar Senior Notes Final 'AA-'
March 24, 2014 / 2:11 AM / 3 years ago

Fitch Rates OCBC's Australian Dollar Senior Notes Final 'AA-'

(The following statement was released by the rating agency) SINGAPORE, March 23 (Fitch) Fitch Ratings has assigned Singapore-based Oversea-Chinese Banking Corp's (OCBC; AA-/Stable) AUD400m floating rate notes due 2017, which were issued under the bank's USD10bn global medium-term note programme, a final rating of 'AA-'. This follows the completion of the notes issue, as well as the receipt of final documents conforming to information previously received. The final rating is same as the expected rating assigned on 14 March 2014. KEY RATING DRIVERS The senior notes are rated at the same level as OCBC's 'AA-' 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 The rating on the notes is sensitive to changes in OCBC's IDR. For more details on OCBC's ratings and credit profile, see "Fitch Affirms DBS, OCBC and UOB at 'AA-'; Outlook Stable", dated 23 October 2013, and 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-'; Outlook Stable Short-Term IDR 'F1+' Viability Rating 'aa-' 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 Additional Disclosure Solicitation Status 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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