Fitch gives Abanca notes BBB-

Fitch Ratings said it gave Abanca Corporacion Bancaria, SA's inaugural senior preferred notes an expected BBB long-term rating.

“Abanca's senior preferred (SP) debt is rated in line with the bank's long-term issuer default rating (IDR; BBB-/negative), reflecting our expectation that Abanca will use SP debt to meet its resolution buffer requirements, and that the combined buffer of additional tier 1, tier 2 and senior non-preferred (SNP) debt is unlikely to exceed 10% of its risk-weighted assets (RWA),” Fitch said in a press release.

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