(The following statement was released by the rating agency)
SINGAPORE, October 09 (Fitch) Fitch Ratings has confirmed the rating on
Philippine-based Rizal Commercial Banking Corp.'s (RCBC) USD1bn medium-term note
(MTN) programme at senior unsecured 'BB'. The rating confirmation follows a
periodic update of the programme, including business and industry developments
as well as financial statements. Fitch had affirmed the programme rating on 2
Fitch stresses that there is no assurance that the notes issued in the future
under the programme will be assigned a rating, or that the rating assigned to a
specific issue under the programme will have the same rating as the programme
KEY RATING DRIVERS
The senior unsecured programme rating is at the same level as RCBC's 'BB'
Long-Term Issuer Default Rating (IDR). This is because the senior notes are
direct, unsubordinated and senior unsecured obligations of the bank, and rank
equally with all its other unsecured and unsubordinated obligations.
A change in RCBC's IDR, presently on a Stable Outlook, will have an impact on
the programme rating.
For more details on RCBC's ratings and credit profile, see 'Fitch Takes Positive
Actions on 2 Philippine Banks; Affirms 2 Others', dated 2 August 2013, and
RCBC's full rating report, dated 19 August 2013, available at
RCBC's other ratings are as follows:
- Long-Term Foreign-Currency IDR 'BB'; Outlook Stable
- Long-Term Local-Currency IDR 'BB'; Outlook Stable
- Viability Rating 'bb'
- Support Rating '3'
- Support Rating Floor 'BB-'
+65 6796 7220
Fitch Ratings Singapore PTE Ltd
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#35-05 Suntec Tower Four
+65 6796 7230
Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email:
Additional information is available at www.fitchratings.com.
Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15
August 2012, are available at www.fitchratings.com.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
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