Moody’s rates Kutxabank notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to Kutxabank’s proposed offering of long-term senior non-preferred notes.

“The senior non-preferred notes, referred to as ‘junior senior’ unsecured notes by Moody’s, are explicitly designated as senior non-preferred in the documentation. As such the notes rank junior to other senior unsecured obligations, including senior unsecured debt, and senior to subordinated debt,” the agency said in a news release.

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