Fitch rates Security Bank notes A+(phl)

Fitch Ratings said it assigned an A+(phl) national long-term rating to Security Bank Corp.'s proposed unsecured subordinated notes due 2018, callable with step-up on 2013 of around PHP3 billion. The issue amount could be upsized subject to investor demand.

Fitch said the rating is one notch below the bank's national long-term rating of AA-(phl), in accordance with the agency's criteria of rating subordinated debt instruments of financial institutions.

The notes will be direct, unconditional unsecured and subordinated obligations of the bank and will rank pari passu with all subordinated debt that qualify as lower tier 2 capital, the agency said. The rights of the noteholders will be subordinated to the claims of depositors and other senior creditors, but senior to share capital, Fitch said.

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