S&P rates RCI Banque notes BB

S&P said it assigned its BB long-term issue rating to RCI Banque’s €850 million tier 2 fixed rate resettable subordinated notes due Feb. 18, 2030.

“As per the notes’ terms and conditions, we consider the instruments to be subordinated to senior creditors’ claims, and note that the instruments are available to absorb losses, via statutory loss absorption, at the point of the bank’s nonviability. Given the lack of going-concern loss-absorption, we do not include the instruments in our calculation of RCI’s total adjusted capital,” said S&P in a press release.

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