AUB’s euro bond assigned A/A-2 rating

Standard & Poor's Ratings Services has assigned its 'A-/A-2' long- and short-term senior unsecured debt ratings to the $2 billion Euro Medium-Term Note program recently renewed by Ahli United Bank, a commercial bank headquartered in Bahrain.

“The ratings on the program are equalized with the counterparty credit rating on AUB, reflecting our view that the notes will rank pari-passu with AUB's other senior unsecured debt,” said a statement.

AUB is a full-fledged commercial banking group that provides conventional and Islamic corporate, retail, treasury, and private banking services.

It is registered in Bahrain--where it is among the largest banks--but also operates in Kuwait, Qatar, the U.K., Egypt, Libya, Oman, and Iraq through subsidiaries or managed affiliates. With total assets of $25.1 billion on June 30, 2010, AUB is among the 20 largest banking groups in the Gulf.

Follow Emirates 24|7 on Google News.