S&P rates Public Bank notes BBB+

Standard & Poor's said it assigned its BBB+ rating to Public Bank Bhd.'s (A-/stable/A-2) proposed subordinated notes issue of up to $400 million due 2017, callable with step-up in 2012.

The rating is one notch below the bank's counterparty credit rating and reflects its subordinated ranking, S&P said.

The new issue will rank pari passu with the bank's existing $350 million subordinated debt issue due 2014, the agency added, and the bank may redeem the notes at any time, in full but not in part, in the event of changes in taxation laws.

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