Debt watcher Fitch Ratings on Monday assigned a BBB (EXP) expected rating to the Development Bank of the Philippines’ (DBP) proposed US dollar senior unsecured notes.

In a statement, Fitch Ratings said the unsecured notes will constitute the bank’s direct, unconditional, unsubordinated and unsecured obligations and will at all times rank the same with all DBP’s other unsecured and unsubordinated obligations.