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Moody's rates TBC Bank notes B2
Moody's Ratings said it assigned a B2(hyb) rating to JSC TBC Bank's upcoming sale of $300 million in perpetual additional tier 1 convertible notes.
“The B2(hyb) rating is positioned three notches below the ba2 adjusted baseline credit assessment (adjusted BCA) of TBC Bank, in line with Moody's Ratings standard notching guidance for AT1 securities. This takes into account the credit risks associated to higher risk subordinated debt securities, given the relatively low cushion available for absorbing losses before the AT1 creditors are impacted in a resolution scenario,” the agency said in a statement.
The outlook for the bank is stable.
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