Moody’s rates BIL notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the €300 million non-preferred senior unsecured notes issued by Banque Internationale a Luxembourg (BIL).

The agency said the action follows the enactment on July 25 of the Luxembourg law which creates a new debt instrument known as non-preferred senior obligations.

The notes, referred to as junior senior unsecured notes by Moody's, are explicitly designated as senior non-preferred in the documentation in accordance with the Luxembourg law.

As such they sit between other senior obligations, including senior preferred debt, and subordinated debt.

Moody’s said the Baa3 rating assigned to the junior senior unsecured notes reflects BIL's adjusted baseline credit assessment of baa2.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.