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Article: Fitch assigns lower rating on Union Bank's new debt papers
- Article from:
- The Manila Times
- Article date:
- September 30, 2009
CopyrightCopyright Content Parnership Pty Ltd Sep 30, 2009. Provided by ProQuest LLC. (Hide copyright information)
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FITCH Ratings Inc. said it assigned an "A(phl)" national long-term rating to Union Bank of the Philippines' proposed debt-paper sale.
In a statement, the credit rating agency said Union Bank's subordinated notes due 2019 are callable with a step-up in 2014 of up to P5 billion.
The rating on the proposed debt papers, which are meant to qualify for Lower Tier-2 Capital under Bangko Sentral ng Pilipinas (BSP) guidelines, is one notch below Union Bank's national long-term rating of "A+(phl)."
Fitch said this is in accordance with the agency's criteria of rating subordinated debt instruments of financial institutions.
Union Bank's Sub Notes will be ...