(The following statement was released by the rating agency)
Sept 05 - Standard & Poor's Ratings Services today assigned its 'A+' long-term issue rating
to the U.S. dollar-denominated subordinated notes due 2023 by Singapore's Oversea-Chinese
Banking Corp. Ltd. (OCBC Bank; AA-/Stable/A-1+; ASEAN scale axAAA/axA-1+). These notes are
issued under OCBC's US$10 billion global medium-term note program.
The subordinated notes qualify as lower Tier-2 capital of OCBC Bank and will be direct,
unsecured, and subordinated to the claims of senior creditors. The proposed notes will rank
senior to all share capital of OCBC Bank, Tier-1 capital securities, and upper Tier-2 capital
securities.
RELATED CRITERIA AND RESEARCH
-- Banks: Rating Methodology And Assumptions, Nov. 9, 2011
Source: http://news.yahoo.com/text-p-assigns-ocbc-bank-subordinated-notes-rating-093431721--sector.html
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