S&P rates Bankas Snoras notes BB-

Standard & Poor's said it assigned its preliminary BB- rating to Bankas Snoras' (BB-/stable/B) proposed euro-denominated senior unsecured notes.

The notes will be issued by Snoras in May, the agency said, adding that the maturity and size of the issue are to be determined at placement.

S&P added that the rating on the notes is based on the long-term counterparty credit rating on Snoras.

The ratings on Bank Snoras are constrained by Snoras' low capitalization, relatively high loan concentrations and the challenge of operating in the highly competitive and above-average risk environment in the Republic of Lithuania (A/stable/A-1), while the ratings are supported by the bank's good franchise on the domestic retail market, adequate profitability and good balance sheet liquidity, according to the agency.

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