Fitch rates Aspis Bank notes BB-, BB

Fitch Ratings said it assigned final BB- ratings to Aspis Bank's €15 million and €25 million perpetual non-cumulative callable hybrid tier I capital notes and a final BB rating to its €50 million subordinated notes due 2017.

Proceeds from the notes - which will be issued by Aspis Finance Jersey Ltd. and guaranteed by the bank - will be used 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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