...MADRID (S&P Global Ratings) Nov. 21, 2018--S&P Global Ratings today said that it has assigned its '###-' long-term issue rating to the Swedish krona-denominated Tier 2 nondeferrable subordinated notes of Arion Bank (###+/Stable/A-2). The proposed notes will be drawn from the bank's 3.0 billion euro medium-term notes program. We understand that the instruments will be Tier 2 regulatory capital for Arion. The issue rating reflects our analysis of the instrument and our assessment of Arion's creditworthiness (see "Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect). Our '###-' issue rating is two notches below our assessment of the bank's '###+' stand-alone credit profile. As per the notes' terms and conditions, we consider the instruments to be subordinated to senior creditors' claims, and note that the instruments are available to absorb losses at the point of nonviability of the bank via statutory loss absorption....
