Moody’s rates Al Ahli Bank securities Ba3(hyb)

Moody's Investors Service said it assigned a Ba3(hyb) rating to the proposed dollar-denominated perpetual non-cumulative additional tier 1 capital securities to be issued by Al Ahli Bank of Kuwait KSCP.

The securities constitute direct, unconditional, subordinated and unsecured obligations of Al Ahli Bank, the agency said.

Moody’s said the rating assigned to the securities is based on the bank’s standalone creditworthiness and is positioned three notches below the bank's baseline credit assessment of baa3, under the agency’s standard notching guidance for contractual non-viability preferred securities with optional non-cumulative coupon suspension.

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