Fitch rates Credit Europe Bank securities BB-

Fitch Ratings said it assigned an expected BB- rating to Credit Europe Bank NV's upcoming subordinated tier-2 debt securities.

The securities are subordinated, but have no coupon flexibility, Fitch said. The rating is one-notch below the bank's viability rating, reflecting one notch for loss severity but no notches for incremental non-performance risk relative to the bank's viability, the agency said.

The rating on the securities also is sensitive to any change in the bank's viability rating, Fitch added.

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