OREANDA-NEWS. Fitch Ratings has assigned Ibercaja Banco S.A.'s forthcoming subordinated notes a 'BB(EXP)' expected rating.

The final rating is contingent upon the receipt of final documents and legal opinions conforming to the information already received.

KEY RATING DRIVERS
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
The subordinated notes are notched down one level from Ibercaja Banco's Viability Rating (VR) of 'bb+' for loss severity because of lower recovery expectations relative to senior unsecured debt. These securities are subordinated to all senior unsecured creditors.

RATING SENSITIVITIES
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
The subordinated notes' expected rating is sensitive to changes in Ibercaja Banco's VR, which drives the bank's Long-term Issuer Default Rating (IDR).

Ibercaja Banco's ratings are as follows:

Long-term IDR: 'BB+'; Outlook Positive
Short-term IDR: 'B'
Viability Rating: 'bb+'
Support Rating: '5'
Support Rating Floor: 'No Floor'