Moody's rates Probusinessbank notes B2, B3

Moody's Investors Service said it assigned B2/Not Prime long- and short-term foreign-currency and global local-currency senior unsecured debt ratings and B3 long-term foreign- and local-currency subordinated debt ratings to the $750 million notes program of Probusinessbank.

The program will be financed by the issuance of loan participation notes through PBB LPN Issuance Ltd. The notes are to be issued on a limited recourse basis for the sole purpose of financing senior unsecured and subordinated loans to Probusinessbank.

The outlook is stable.

The B2 rating assigned to the senior notes to be issued under the program is based on the fundamental credit quality of the underlying obligor Probusinessbank, rated B2/Not Prime/E+ with a stable outlook, the agency said.

The assigned B2 rating reflects the status of the bank's obligations under the senior loan received from PBB LPN Issuance that will rank at least pari passu in right of payment with all other unsecured and unsubordinated obligations of Probusinessbank, the agency added.

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