Fitch rates Rizal Commercial notes BB-

Fitch Ratings said it assigned an expected BB- rating to the Rizal Commercial Banking Corp.'s proposed senior notes. The rating is contingent on receipt of final documents.

The expected rating is identical to the bank's BB- long-term foreign-currency issuer default rating, as the senior notes will constitute direct, unconditional and unsecured obligations of the bank and rank pari passu with its unsecured and unsubordinated obligations, Fitch said.

The bank's credit profile is moderated by potential impairment pressures from its non-performing assets, particularly investment properties and deferred charges, the agency said.

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