Switzerland-Based Glarner Kantonalbank Proposed Tier 2 Subordinated Notes Assigned 'BBB' Rating

FRANKFURT (S&P Global Ratings) June 21, 2021--S&P Global Ratings said today that it has assigned its 'BBB' issue rating to the proposed tier 2 subordinated notes to be issued by Glarner Kantonalbank (AA-/Negative/A-1+). The rating is subject to our review of the notes' final documentation. In accordance with our criteria for hybrid capital instruments ("General Criteria: Hybrid Capital: Methodology And Assumptions," published July, 1, 2019, on RatingsDirect), the 'BBB' issue rating reflects our analysis of the proposed instrument and our assessment of Glarner Kantonalbank's 'a-' stand-alone credit profile (SACP). We do not use the issuer credit rating as the starting point for our issue rating, since it includes government support from the Canton of Glarus. The terms and conditions of

...June 21, 2021 FRANKFURT (S&P Global Ratings) June 21, 2021--S&P Global Ratings said today that it has assigned its '###' issue rating to the proposed tier 2 subordinated notes to be issued by Glarner Kantonalbank (##-/Negative/A-1+). The rating is subject to our review of the notes' final documentation. In accordance with our criteria for hybrid capital instruments ("General Criteria: Hybrid Capital: Methodology And Assumptions," published July, 1, 2019, on RatingsDirect), the '###' issue rating reflects our analysis of the proposed instrument and our assessment of Glarner Kantonalbank's 'a-' stand-alone credit profile (SACP). We do not use the issuer credit rating as the starting point for our issue rating, since it includes government support from the Canton of Glarus. The terms and conditions of the issuance explicitly state that the subordinated debt instrument, as any other outstanding subordinated debt from the bank, will not be covered by the cantonal guarantee. The issue rating...

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