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Fitch rates Aspis Bank notes BB-, BB
Fitch Ratings said it assigned an expected BB- rating to Aspis Bank's €15 million and €25 million perpetual non-cumulative callable hybrid tier I capital notes and an expected BB rating to the bank's €50 million subordinated notes due 2017.
Aspis will use the proceeds of the issues to finance the acquisition of 51% of First Business Bank.
Under Greek regulation, tier I hybrids are limited to 25% of tier I capital with a 10% sublimit for step-up tier I hybrids. The agency said that after the issues, Aspis' tier I ratio is estimated at 13.1%, excluding the First Business Bank acquisition.
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