Fitch Rates OCBC's AUD Floating Rate Notes 'AA-(EXP)'
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.
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.
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-'