Fitch rates Unicaja notes BB+

Fitch Ratings said it assigned Unicaja Banco, SA's upcoming inaugural senior non-preferred notes issue an expected BB+ expected long-term rating.

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

The debt will be senior to any subordinated claims, but junior to senior preferred liabilities.

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