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S&P gives Banco General notes BBB
Standard & Poor's said it assigned its BBB long-term issue-level rating to Banco General SA's (BBB/stable/A-2) proposed senior unsecured notes for up to CHF 180 million (about $200 million).
The bonds are due on June 2018 and would bear a fixed rate.
"The proposed bonds are part of Banco General's strategy to diversify its funding and investor base as well as access competitive funding costs, while keep leveraging its loan portfolio growth," S&P credit analyst Arturo Sanchez said in a news release.
The notes are rated the same as the bank's long-term issuer rating, reflecting its pari passu ranking in right of payment with all of Banco General's senior unsecured debt obligations.
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