...IDR Supports Expected Rating: The `AAA(EXP)' expected covered bond rating is based on Oversea-Chinese Banking Corp's (OCBC) Long-Term Issuer Default Rating (IDR) of `AA-', an IDR uplift of zero notches, a payment continuity uplift (PCU) of six notches, a recovery uplift of one-notch and the asset percentage (AP) that Fitch Ratings considers in its analysis, which the agency expects to be at least equivalent to the `AAA' breakeven AP of 86.0%. The Outlook on the covered bonds' expected ratings is Stable, reflecting a four-notch buffer against a downgrade of the bank's IDR. Zero IDR Uplift: An IDR uplift of zero-notches is assigned to the programme. The Monetary Authority of Singapore (MAS) has the power to resolve authorised institutions, but creditors bail-in is not contemplated and covered bonds do not have favourable treatment. PCU Reflects Protection: Fitch's PCU of six notches reflects the programme's liquidity protection in the form of an assumed soft bullet issuance with a 12 month...
