Banco BICE Wins Expected BBB+ Rating on CHF100-120 Million Bond Sale

Banco BICE is moving forward with a planned Swiss franc senior unsecured bond sale to fund general banking and corporate purposes. The deal size ranges from CHF100 million to CHF120 million, according to Fitch Ratings, which has assigned an expected 'BBB+(EXP)' rating to the five-year notes.

The expected rating mirrors Banco BICE's Long-Term Foreign Currency IDR, as Fitch assesses default probability for the bonds to be equal to that of the issuer. The agency cites BICE's 'a-'/stable risk profile and conservative risk management as key rating drivers.

Fitch notes that the proposed senior unsecured fixed-rate notes are denominated in Swiss francs and have a five-year tenor. The proceeds from the bond sale will be used for general banking and corporate purposes, and Fitch states that the expected rating matches Banco BICE's 'BBB+' Long-Term Foreign Currency Issuer Default Rating.