OREANDA-NEWS. Fitch Ratings has assigned Oversea-Chinese Banking Corp's (OCBC; AA-/Stable) proposed AUD floating rate notes due 2019 an expected rating of 'AA-(EXP)'. The notes will be issued under OCBC's USD10bn global medium term note program. The final rating is subject to the receipt of final documentation conforming to information already received.

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 DBS, DBSH, OCBC and UOB at 'AA-'; Outlook Stable", dated 27 August 2014, and its full rating report, dated 14 October 2014, which are 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-'