S&P rates OP Corporate notes A

S&P said that it assigned an A rating to the senior non-preferred notes that OP Corporate Bank plc may issue under its €20 billion euro medium-term note debt issuance program.

The rating is one notch lower than the bank's A+ stand-alone credit profile, S&P said.

This follows the standard notching for investment-grade entities issuing an instrument contractually or statutorily subordinated to preferred senior unsecured debt, the agency said.

The rating on the notes reflects that they will convert into equity or be written off only in a resolution scenario and not before the bank reaches the point of non-viability, among other factors, S&P said.

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