S&P gives Ceska Sporitelna notes A-

S&P said it gave an A- issue rating to the €500 million of seven-year senior nonpreferred notes to be sold by Ceska sporitelna as.

The notes will be structurally subordinated to Ceska's senior obligations in the event of insolvency or a resolution scenario, “In our view, holders of senior nonpreferred notes face a higher default risk than holders of senior preferred notes and other senior liabilities because the former would be bailed in before more senior debt in a resolution,” the agency said in a press release.

The rating is one notch below the bank's a stand-alone credit profile and indicates the notes are contractually subordinated to preferred senior unsecured debt, S&P said.

The outlook is stable.

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