S&P: Global Bank notes BBB-

Standard & Poor’s said it assigned a BBB- rating to Global Bank Corp. y Subsidiarias’ proposed five-year senior unsecured notes for up to $400 million.

The notes would have a fixed rate.

The notes are rated the same as the bank’s long-term issuer rating, reflecting the proposed debt’s pari passu ranking in right of payment with all of the company’s senior unsecured debt obligations, S&P said.

The bank’s funding and liquidity with the proposed notes is unchanged, the agency said.

The proceeds will be used for general banking purposes.

The ratings are based on the company’s adequate business position, adequate capital and earnings, adequate risk position, average funding and adequate liquidity, S&P said.

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