Raiffeisen Bank International's Proposed Perpetual Additional Tier 1 Capital Notes Rated 'BB'

FRANKFURT (S&P Global Ratings) June 23, 2017--S&P Global Ratings today assigned its 'BB' long-term issue rating to the proposed perpetual additional tier 1 (AT1) capital notes to be issued by Raiffeisen Bank International AG (RBI; BBB+/Positive/A-2). The rating is subject to our review of the notes' final documentation. We are assigning the issue rating in accordance with our criteria for hybrid capital instruments, reflecting our analysis of the proposed instrument and RBI's creditworthiness (see "Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect). We consider RBI a core subsidiary of the Raiffeisen Banking Group (RBG) and therefore equalize our long-term issuer credit rating (ICR) on RBI with the RBG's group credit profile, which

...FRANKFURT (S&P Global Ratings) June 23, 2017--S&P Global Ratings today assigned its '##' long-term issue rating to the proposed perpetual additional tier 1 (AT1) capital notes to be issued by Raiffeisen Bank International AG (RBI; ###+/Positive/A-2). The rating is subject to our review of the notes' final documentation. We are assigning the issue rating in accordance with our criteria for hybrid capital instruments, reflecting our analysis of the proposed instrument and RBI's creditworthiness (see "Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect). We consider RBI a core subsidiary of the Raiffeisen Banking Group (RBG) and therefore equalize our long-term issuer credit rating (ICR) on RBI with the RBG's group credit profile, which we assess as '###+'. Given RBI's core group status, we rate the proposed notes by notching down from our '###+' ICR on RBI, because we believe that support from RBG will flow to these...

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