Fitch Ratings has assigned Bahrain-based Ahli United Bank’s $2bn euro medium-term note (EMTN) programme a long-term senior debt rating of 'A-' and a short-term senior debt rating of 'F2'.
However, Fitch notes that there is no assurance that notes issued in the future under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the programme rating.
The bank is rated Long-term Issuer Default Rating (IDR) 'A-' with a Stable Outlook, Short-term IDR 'F2', Individual 'B/C', Support '1' and Support Rating Floor 'A-'.
AUB was formed in 2000 through the merger of two banks based in the UK and Bahrain. It has a wholly-owned subsidiary in the UK and subsequently acquired stakes in banks in Kuwait, Qatar, Iraq, Egypt, Oman and Libya. It is also present in other Gulf and Middle Eastern countries through its brokerage subsidiary in Kuwait and has a joint venture with Legal and General to distribute insurance products in the Gulf.