Fitch: Global Bank notes BBB-

Fitch Ratings said it assigned an expected BBB- rating to Global Bank Corp.’s proposed senior unsecured notes.

The notes will constitute direct, unconditional and unsecured senior obligations of the issuer. They will rank pari passu among themselves and with all other unsubordinated and unsecured obligations of the bank, the agency said.

The tenor of the issue is expected to be five years with a fixed rate and by an amount of $400 million.

The bank plans to use all the proceeds for debt repayment and credit growth.

The senior unsecured notes are rated at the same level as the bank’s BBB- issuer default rating, Fitch said.

The bank also has a short-term issuer default rating of F3, viability rating of BBB-, long-term national rating of AA(pan) and short-term national rating of F1+(pan).

The ratings are driven by its consistent strategy, improving capitalization ratios, sound positioning within its core market and consistently good asset-quality indicators, the agency said.

The ratings also consider its limited revenue diversification and moderate loan portfolio concentration by size, Fitch said.

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