Fitch: ABN AMRO Bank notes BB+

Fitch Ratings said it assigned an expected rating of BB+ to ABN Amro Bank NV’s upcoming issue of additional tier 1 notes.

The notes will be CRD IV-compliant perpetual non-cumulative additional tier 1 instruments, Fitch said.

The expected rating is five notches below ABN Amro Bank’s viability rating.

Given the securities are perpetual, their deep subordination, coupon flexibility and going concern mandatory write-down of the instruments, Fitch said it assigned 100% equity credit.

The rating on the notes will likely move in tandem with ABN Amro Bank’s viability rating, the agency said.

The rating on the notes also is sensitive to changes in the bank’s non-performance risk, Fitch said.

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