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Published on 11/2/2015 in the Prospect News Emerging Markets Daily.

Fitch rates Rizal notes BB

Fitch Ratings said it assigned a final rating of BB to Rizal Commercial Banking Corp.’s $320 million 3.45% notes due 2021.

The notes have been issued under the bank’s $1 billion medium-term note program.

This follows the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned Oct. 19, the agency said.

The senior notes are rated at the same level as the bank’s BB long-term issuer default rating, Fitch said.

This is because the notes constitute direct, unsubordinated and unsecured obligations of the bank, the agency said, and rank equally with all its other unsecured and unsubordinated obligations.

The rating on the notes is sensitive to changes in the bank’s issuer default rating, which is driven by its viability rating of BB, Fitch said.


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