Fitch rates Global Bank notes BBB-

Fitch Ratings said it assigned a BBB-(EXP) rating to Global Bank Corp.’s proposed senior unsecured notes due 2026.

The amount of this issue is expected to be $500 million, with a tenor up to 10 years.

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.

The proceedings of this issuance will be used to fund the purchase (as repayment) of the covered bonds due 2017 that are tendered in a tender offer. Fitch said it considers that the additional notes do not materially alter the risk profile of the issuer or of the outstanding debt previously rated.

The senior unsecured notes are rated at the same level as the bank's issuer default rating, in accordance with the agency’s rating criteria. The issuer default rating is driven by its consistent strategy, good profitability and asset quality indicators, funding diversification and sound positioning within its core market, Fitch added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.