S&P rates Banco notes BB-

S&P said it assigned its BB- issue-level rating on Banco BV’s proposed $500 million of senior unsecured notes. The issuance is part of the bank’s $5 billion global notes program, and it will use the proceeds primarily for general corporate purposes.

“Our rating on the notes reflects their pari passu ranking with the bank’s other senior unsecured debt obligations. As a result, the rating is the same as the long-term issuer credit rating on the bank. We expect the notes to mature in five years and constitute a minor portion of BV’s total funding base. Therefore, this issuance doesn’t change our view of the bank’s funding profile and doesn’t increase refinancing risk,” S&P said in a press release.

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