Fitch to assign Citizens Bank debt BBB

Fitch Ratings said it expects to rate subordinated debt issued by Citizens Bank, NA BBB(EXP).

The notes are being offered under the issuer's recently announced $3 billion global bank note program.

As part of the program, the bank is offering two senior note issuances that total $1.5 billion in aggregate principal amount and include $750 million 1.6% senior unsecured notes due 2017 and $750 million 2.45% senior unsecured notes due 2019.

The agency has previously rated Citizens Bank’s senior notes and assigned a BBB+ rating to the recent issuance.

Citizens Bank is a wholly owned subsidiary of Citizens Financial Group and its ratings are equalized with Citizens Financial’s reflecting Fitch's view that the bank subsidiary is a core operating entity.

The expected ratings on subordinated notes issued through the global bank note program will be notched once from the bank's viability rating of bbb+ reflecting potential loss severity. The senior notes are equalized with Citizens Bank’s long-term issuer default rating, in accordance with Fitch's criteria.

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