Moody’s gives Baa2 to Rizal notes

Moody's Investors Service said it assigned a Baa2 rating to Rizal Commercial Banking Corp.’s (Baa2 stable, baa3) proposed dollar-denominated senior unsecured notes, issued under its $2 billion Euro medium-term note program.

The bond will be listed on the Singapore Stock Exchange.

The outlook is stable.

Moody’s said the Baa2 foreign currency senior unsecured medium-term note debt rating is underpinned by Rizal’s baa3 baseline credit assessment and a one-notch uplift to reflect the agency’s assumption that the bank will receive support from the Government of the Philippines (Baa2 stable) in times of need.

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