OREANDA-NEWS. Fitch Ratings has assigned Philippines-based Rizal Commercial Banking Corp.'s (RCBC; BB/Stable) USD320m 3.45% notes due 2021 a final rating of 'BB'. The notes have been issued under the bank's USD1bn medium-term note programme.

This follows the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned on 19 October 2015.

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-'