OREANDA-NEWS. Fitch Ratings has assigned Oversea-Chinese Banking Corp's (OCBC; AA-/Stable) AUD300m floating-rate notes due March 2020 a rating of 'AA-'. The notes will be issued through OCBC's Sydney Branch under OCBC's USD10bn global medium-term note programme.

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-'.

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-'