S&P assigns RHB Bank program BBB+

Standard & Poor's said it assigned its BBB+ issue rating to RHB Bank Bhd.'s $5 billion euro medium-term note program.

RHB Bank's senior unsecured notes under the program will constitute direct, unconditional, unsecured and unsubordinated obligations of the bank, and will rank equally with all other unsecured obligations at all times.

The program contains a substitution clause such that if RHB Bank is merged or consolidated into another corporation, the latter will replace RHB Bank as the principal debtor. The substitution could occur without the consent of noteholders.

The BBB+ rating is applicable to RHB Bank as the principal debtor, and might change if the substitution clause is triggered.

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