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

NEW YORK--()--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.

Additional information is available at 'www.fitchratings.com.'

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Jan. 31, 2014).

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=732397

Additional Disclosure

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Contacts

Fitch Ratings
Primary Analyst
Jaymin Berg, CPA
Analyst
+1-212-908-0368
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Julie Solar
Senior Director
+1-312-368-5472
or
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Jaymin Berg, CPA
Analyst
+1-212-908-0368
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Julie Solar
Senior Director
+1-312-368-5472
or
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com