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S&P rates Banco BICE notes BBB+
S&P said it assigned its BBB+ issue-level rating to Banco BICE's CHF 100 million of senior unsecured medium-term notes due 2026.
“The rating on the notes reflects their pari passu ranking with the bank's other senior unsecured debt obligations, and as a result, it's the same as the long-term issuer credit rating on the bank. The notes represent about 1% of Banco BICE's total funding base and therefore we don't expect the issuance to change our view of the bank's funding profile,” S&P said in a press release.
The bank will use the proceeds primarily for general corporate purposes.
The outlook is negative.
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