Fitch rates Rizal notes BB

Fitch Ratings said it assigned Philippines-based Rizal Commercial Banking Corp.'s (RCBC; BB/stable) proposed dollar-denominated senior notes an expected BB(EXP) rating.

The notes will be issued under the bank's $1 billion medium-term note program.

The senior notes are rated at the same level as Rizal’s BB long-term issuer default rating. This is because the notes constitute direct, unsubordinated and senior unsecured obligations of the bank, and rank equally with all its other unsecured and unsubordinated obligations, Fitch said.

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