Fitch rates Nova Kreditna Banka hybrid BBB+

Fitch Ratings said it assigned an expected BBB+ long-term rating to Slovenia-based Nova Kreditna Banka Maribor's upcoming €50 million issue of subordinated hybrid notes and affirmed the bank's A- issuer default rating, F2 short-term rating, C/D individual rating and 1 support rating. The outlook is stable.

Interest payments on the notes can be deferred in the event of zero profit being declared in the latest IFRS audited financial statements, Fitch noted. The notes are perpetual, though there is a step-up clause at which date the securities are callable.

The agency said the ratings are driven by the extremely high potential of support from the Slovenian government in case of need.

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