S&P alters Ahli United view to positive

S&P said it changed its outlook for Ahli United Bank BSC (AUB) to positive from stable and affirmed its BBB rating.

AUB decided to accept the revised exchange ratio (2.695 AUB shares for each KFH share) for the proposed acquisition of AUB by Kuwait Finance House (KFH).

“The outlook revision indicates that if AUB's acquisition by KFH is completed, which we consider to be likely at this stage, AUB would become part of a group that could have stronger credit characteristics . We base our assessment on our analysis of publicly disclosed information about KFH group. Relative to KFH, AUB has a slightly wider geographic reach and stronger capitalization, by our measures. That said, KFH is a larger entity and has a stronger market position, including a leading customer franchise in Kuwait,” the agency said in a press release.

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