Fitch gives BB- to Liberbank notes

Fitch Ratings said it assigned Liberbank, SA's subordinated notes an expected rating of BB-(EXP).

The subordinated notes are notched down once from Liberbank's bb viability rating. The notching reflects the notes' greater expected loss severity than senior unsecured debt. These securities are subordinated to all senior unsecured creditors. Fitch said it did not apply additional notching for incremental non-performance risk relative to the viability rating given that any loss absorption would only occur once the bank reaches the point of non-viability.

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