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Fitch Rates Union Bank's Senior Notes Issuance 'A'
May 5, 2014 / 3:02 PM / 4 years ago

Fitch Rates Union Bank's Senior Notes Issuance 'A'

(The following statement was released by the rating agency) NEW YORK, May 05 (Fitch) Fitch Ratings assigns an 'A' rating to Union Bank N.A.'s (UNB) $500 million, fixed rate senior notes. UNB's million senior note issuance matures in 2019 and has a coupon set at 2.25%. This issuance is not callable. Fitch also assigns an 'A' rating to UNB's $250 million floating rate senior note issuance. The coupon floats at three-month LIBOR plus 40bps. The issuance matures in 2017 but is callable in 2016. RATING SENSITIVITIES - SENIOR DEBT The senior notes are equalized with Union Bank's long-term Issuer Default Rating (IDR) in accordance with Fitch's criteria. RATING DRIVER - SENIOR DEBT The senior notes are sensitive to changes to UNB's IDR. Alternatively, the senior notes could be notched down if there were deep effective subordination or high balance-sheet encumbrance. Contact: Primary Analyst Jaymin Berg, CPA Analyst +1-212-908-0368 Fitch Ratings, Inc. One State Street Plaza New York, NY 10004 Secondary Analyst Julie Solar Senior Director +1-312-368-5472 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: Additional information is available at '' Applicable Criteria and Related Research: --'Global Financial Institutions Rating Criteria' (Jan. 31, 2014). Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status null/gws/en/disclosure/solicitation?pr_id=828675 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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