Fitch rates Arab Banking notes BBB+, debt BBB

Fitch Ratings said it assigned Arab Banking Corp.'s $2.5 billion euro medium term note program a senior unsecured debt rating of BBB+ and subordinated debt rating of BBB. The agency also rated its subordinated step-up floating rate notes due 2017 an indicative long-term BBB rating. The issue rating is one notch below the bank's issuer default rating of BBB+.

The bank's other ratings are short-term F2, individual C and support 2.

The outlook is stable.

The ratings reflect the bank's improved risk profile after a restructuring process, sound liquidity and capitalization and satisfactory profitability, Fitch said.

The ratings also reflect its adequate cost efficiency, exposure to regional political risk and reliance on an undiversified regional economy, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.