Fitch: Global Bank note reopening BBB-

Fitch Ratings said it rates the reopening of Global Bank Corp.’s (GB) issuance of senior unsecured notes due 2021 BBB-.

The new senior unsecured notes will be issued in an amount of $150 million, made under the 4.5% senior unsecured notes due 2021 program issued originally by an amount of $550 million. The notes will constitute direct, unconditional and unsecured senior obligations of the issuer and will rank pari passu with existing unsubordinated and unsecured obligations of Global Bank.

Fitch said it 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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