Fitch rates ABN Amro notes BB+

Fitch Ratings said it assigned a final rating of BB+ to ABN AMRO Bank NV’s €1 billion issue of additional tier 1 notes.

The final rating is in line with the expected rating that Fitch assigned to the notes Sept. 9, the agency said.

The rating is five notches below ABN AMRO Bank’s viability rating, reflecting two notches for loss severity in light of the notes’ deep subordination and three notches for additional non-performance risk relative to the viability rating, given a high write-down trigger and fully discretionary coupons, Fitch said.

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