Moody's rates Nova Kreditna Banka hybrid A3

Moody's Investors Service said it assigned an A3 long-term foreign-currency rating to the upcoming €50 million floating-rate perpetual notes to be issued by, but with limited recourse to, ING Bank NV.

The notes will be issued for the sole purpose of financing a subordinated loan to Slovenia-based Nova Kreditna Banka Maribor. The loan qualifies as part of the bank's upper tier 2 capital.

The outlook is stable.

The rating is placed one notch lower than the bank's A2 senior rating and incorporates both the bank's standalone financial strength - as evidenced by its C- financial strength rating - and the high likelihood of support from its major shareholder, the Slovenian government, Moody's said.

© 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.