S&P affirms Arab Banking

Standard & Poor's said it affirmed its BBB-/A-3 long- and short-term counterparty credit ratings on Arab Banking Corp. BSC and removed them from CreditWatch with negative implications where they were placed on March 21, 2011. The outlook is stable.

The agency said the rating action follows a reassessment of the bank's business and financial profile in view of recent developments in Libya, which, in S&P's view, have reduced uncertainty surrounding its ownership and funding profile.

On Dec. 26, the new governor of the Central Bank of Libya, Arab Banking's majority shareholder, was appointed as the chairman of the bank's board. S&P said it believes the implications of the appointment for the bank are positive as it lessens the reputational and governance risks it is facing.

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