Fitch Ratings has published
The notes will be issued under the
The assignment of the final rating is contingent on the receipt of final documents conforming to information already reviewed.
All other issuer and debt ratings are unaffected.
Key Rating Drivers
The notes will constitute direct, unsecured, unconditional and subordinated obligations of the
The rating of the notes is notched off twice from the
Rating Sensitivities
Factors that could, individually or collectively, lead to negative rating action/downgrade:
The notes would be upgraded if the
Factors that could, individually or collectively, lead to positive rating action/upgrade:
The notes would be downgraded if the
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.
Best/Worst Case Rating Scenario
International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
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