Fitch assigns BBB- to Global Bank notes

Fitch Ratings said it assigned a BBB- rating to the reopening of Global Bank Corp.’s issuance of senior unsecured notes due 2019.

The new senior unsecured notes will be issued in an amount of $150 million, issuance made under the 5 1/8% senior unsecured notes due 2019 program issued originally by an amount of $400 million. These notes will constitute direct, unconditional and unsecured senior obligations of the issuer and will rank pari passu among themselves and with all other unsubordinated and unsecured obligations of Global Bank.

Fitch considers that the additional notes do not materially alter the risk profile of the issuer or of the outstanding debt previously issued under the program.

The senior unsecured notes are rated at the same level as the bank's issuer default rating, in accordance with the agency’s criteria.

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