Fitch rates Citic Bank notes BBB-

Fitch Ratings said it assigned Citic Bank International Ltd.'s (BBB/stable) upcoming $300 million subordinated notes due 2022 an expected rating of BBB-.

Proceeds will be used to refinance Citic's outstanding $250 million subordinated notes callable in December and to support future expansion.

The notes will be issued under Citic's $2 billion medium-term note program and will qualify as supplementary capital under the current banking (capital) rules of Hong Kong, and are expected to see lower funding cost compared with Basel III-compliant notes with non-viability clause.

The notes have a call option in 2017.

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