Fitch: City National notes BBB+

Fitch Ratings said it assigned a BBB+ rating to the $150 million of 5.375% subordinated notes due July 15, 2022 issued by City National Bank.

Proceeds are intended to be used for general corporate purposes, which may include capital to support acquisitions as well as to reduce short-term borrowings. The notes are intended to qualify as tier 2 capital of City National Bank and City National Corp., the agency said.

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