Moody's rates GNB Sudameris notes B2

Moody's Investors Service said it assigned a B2(hyb) long-term foreign-currency subordinated debt rating to the proposed notes due in 2031 to be issued by Banco GNB Sudameris SA.

The notes will be unsecured subordinated obligations and will rank junior to all GNB's senior obligations and will rank senior only to the bank’s capital stock.

“The B2 (hyb) debt rating is on review for downgrade, in line with the review for downgrade of GNB's baseline credit assessment. The capital securities are Basel III-compliant, and their terms and conditions have been defined so as to qualify the notes for treatment as tier 2 capital pursuant to Colombian regulation,” the agency said in a press release.

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