Global debt watcher Moody’s Investors Service assigned a provisional investment grade rating of ‘Baa2’ to the $2-billion medium-term note program established in 2012 by BDO Unibank Inc., the country’s biggest bank.
Moody’s said the medium-term note program rating also applied to the BDO branch in Hong Kong.
“The provisional ratings are in line with BDO’s Baa2 long-term and short-term deposit ratings and reflect the structure of the proposed issuance,” Moody’s said.
“The notes issued under the program constitute the issuer’s direct, unconditional, unsubordinated and unsecured obligations…,” it said. However, Moody’s said that the ratings did not apply to any individual notes issued under the program.
BDO said the establishment of a $2-billion euro medium-term note program in 2012 would enable the bank to manage its liabilities.
The EMTN program is a medium-term foreign currency funding facility that will allow BDO the flexibility to issue foreign currency denominated notes, from time to time, in the international capital markets.