Moody’s assigns A3 to AKCB program

Moody's Investors Services said it assigned provisional A3 long-term senior unsecured ratings to the $2.5 billion Euro medium-term note program of AKCB Finance Ltd., a special-purpose vehicle, established in the Cayman Islands by Al Khalij Commercial Bank (al khaliji) PQSC (AKCB, A3 long-term deposit ratings with a stable outlook, baseline credit assessment ba1) domiciled in Qatar.

The securities constitute unconditional, unsecured and unsubordinated obligations of AKCB.

Moody’s said the provisional A3 ratings are aligned with AKCB's A3 long-term deposit ratings, reflecting two primary considerations: (a) the instruments issued under the program will be unconditionally and irrevocably guaranteed by ACKB; and (b) the guarantee represents direct, unconditional, unsubordinated and unsecured obligations of AKCB and the instruments rank pari passu among themselves and equally with all other unsecured obligations.

Under the program, AKCB Finance Ltd. may issue notes up to a maximum aggregate amount of $2.5 billion.

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