OREANDA-NEWS. Fitch Ratings has assigned Singapore-based Oversea-Chinese Banking Corp's (OCBC; AA-/Stable) AUD100m floating-rate notes due 2018 a final rating of 'AA-'. The notes are issued under OCBC's USD10bn global medium-term note programme, and are to be consolidated to form a single series with the AUD400m floating rate notes due 12 November 2018, which were issued on 12 November 2015 under the same programme.

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 the same as the expected rating assigned on 27 November 2015.

The proceeds will be used for OCBC's general corporate purposes.

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

RATING SENSITIVITIES
The rating of the notes is sensitive to changes in OCBC's IDR, which is driven by its Viability Rating of 'aa-'.

For more details on OCBC's ratings and credit profile, see the rating action commentary "Fitch Affirms Major Singaporean Banks at 'AA-'; Outlook Stable", dated 14 August 2015, and its full rating report, dated 27 October 2015, which are available at www.fitchratings.com.
The rating actions are as follows:

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-'