Fitch rates Citic Bank notes BBB

Fitch Ratings said it assigned a final rating of BBB to Citic Bank International Ltd.'s $500 million of 6.875% lower tier 2 subordinated notes due June 24, 2020. The notes were issued under the bank's $2 billion medium-term notes program and the final rating follows a review of its final terms and conditions.

The notes constitute direct, unconditional, unsecured and subordinated obligations of the bank and qualify as supplementary capital (lower tier 2 capital) under Hong Kong's banking ordinance, Fitch said.

The rating is one notch below the bank's long-term issuer default rating of BBB+.

The outlook is stable.

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