Fitch rates Banconal notes BBB

Fitch Ratings said it assigned an expected rating of BBB to Banco Nacional de Panama's (Banconal) proposed senior notes to be issued in the amount up to $1 billion at a fixed-rate interest rate to be set at the time of the issuance.

The tenor is likely to be 10 years, and a maturity date is yet to be determined.

Fitch said it views the default risk of the senior notes and the bank as equivalent and believes the senior obligations have average recovery prospects.

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