S&P rates Banco General notes BBB

S&P said it assigned its BBB issue-level rating to Banco General SA's (BBB/stable/A-2) senior unsecured notes for $550 million maturing in 2027.

Banco General plans to use the proceeds to refinance debt that matures in 2017 and 2018 and to leverage future loan growth.

S&P said the rating on the bank's notes is at the same level as Banco General's issuer credit rating, reflecting the new debt's equal ranking with all of the bank's senior unsecured debt obligations. Additionally, S&P’s view of the bank's funding and liquidity, including the proposed notes, is unchanged.

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