OREANDA-NEWS. Fitch Ratings has assigned Philippines-based Rizal Commercial Banking Corp.'s (RCBC; BB/Stable) proposed US dollar-denominated senior notes an expected 'BB(EXP)' rating. The notes will be issued under the bank's USD1bn medium-term note programme.

The final rating is contingent on the receipt of final documents conforming to information already received.

KEY RATING DRIVERS

The senior notes are rated at the same level as RCBC's 'BB' Long-Term Issuer Default Rating (IDR). This is because the notes constitute direct, unsubordinated and unsecured obligations of the bank, and rank equally with all its other unsecured and unsubordinated obligations.

RATING SENSITIVITIES

The rating on the notes is sensitive to changes in RCBC's IDR, which is driven by its Viability Rating of 'bb'.

For more details on RCBC's ratings and credit profile, see "Fitch Affirms Philippines' China Bank, Security Bank and RCBC" dated 23 July 2015 and its credit update dated 12 October 2015, which are available at www.fitchratings.com.

RCBC's 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-'