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PHILIPPINES: MOODY'S WILL ASSIGN BA3 TO ABC'S PROPOSED PHILIPPINE PESO-DENOMINATED SUBORDINATED NOTES.
IPR Strategic Business Information Database, February, 2008
Moody's Investors Service will assign a Ba3 rating to the proposed issuance of Philippine Peso-Denominated Step-up Callable Dated Subordinated Notes due 2018, as issued by Allied Banking Corporation (ABC). The rating outlook is stable. This rating is subject to the receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents Moody's has reviewed.
The subordinated notes will represent direct, unconditional, subordinated, and unsecured obligations of the bank and qualify as Lower Tier II capital. The notes are due in 2018 and callable in and after 2013, five years from the issuance. They also contain a step-up interest rate feature that will be activated in 2013 if they are not...
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