Fitch applies BBB- to Multibank notes

Fitch Ratings said it assigned a BBB-(EXP) rating to Multibank, Inc.'s proposed up to $300 million dollar-denominated fixed-rate senior unsecured notes due 2022.

Fitch said the senior unsecured notes are rated at the same level as the bank's long-term issuer default ratings of BBB-, which reflects the unsecured nature of the instruments and that they rank pari passu with other senior obligations.

In turn, Multibank's issuer default ratings are aligned with its viability rating of bbb-, indicating that its credit quality is driven by the bank's intrinsic financial profile, the agency explained.

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