Fitch gives QNB notes CCC+

Fitch Ratings said it gave QNB Finansbank AS’ planned issue of Basel III-compliant tier 2 capital notes with a 10-year tenor an expected CCC+ rating. The recovery rating is RR5. The size of the issue is not yet determined but is expected to be in the range of $300 million.

The notes are rated one notch below QNBF's B- long-term foreign-currency issuer default rating, under Fitch's bank rating criteria, the agency said. The lower rating is for loss severity, which reflects the agency’s view of below-average recovery prospects for the notes in a non-viability event.

The outlook is stable.

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