S&P rates Banco Internacional notes BBB+

S&P said it assigned a BBB+ issue-level rating to Banco Internacional's planned senior unsecured notes of up to $500 million with a tenor of up to five years.

“The rating on the proposed senior unsecured notes is the same level as the credit rating on the bank because of the notes' seniority,” the agency said in a press release.

The bank will use the proceeds mainly to support its funding diversification strategy through lowering its local deposit base while increasing international debt. It will also use part of the proceeds to support future growth and for other general corporate purposes.

The outlook is negative.

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