S&P gives BB to OTP Bank notes

S&P said it gave its indicative BB long-term issue rating to the planned dollar-denominated tier 2 non-deferrable subordinated notes that may be issued by OTP Bank plc.

The rating is two notches below the bank’s BBB- issuer rating, which reflects the agency’s analysis of the proposed notes, S&P said.

The notes will be drawn from the bank's €5 billion medium-term note program, and they are expected to qualify as tier 2 regulatory capital. This is OTP Bank's first issuance of tier 2 capital notes in a currency other than the euro, the agency noted.

The outlook is stable.

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