Moody's rates Rizal notes Ba3

Moody's Investors Service said it assigned a prospective Ba3 rating to Rizal Commercial Banking Corp.'s proposed $150 million senior unsecured debt issue due 2009.

The bank's proposed senior note, together with its existing long-term deposits, is on review for possible downgrade, reflecting Moody's review of the country's debt and deposit ratings.

Moody's said the rating recognizes that the proposed issue represents Rizal's senior obligations. It also reflects the bank's modest capability to service its debt obligations, given that its financial profile is characteristic of banks with E+ bank financial strength ratings.

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