Moody’s gives RAKbank program Baa1

Moody's Investors Service said it assigned a provisional local and foreign currency rating of Baa1 to the new $1 billion euro medium-term note program of RAKfunding Cayman Ltd., a special-purpose funding vehicle established in the Cayman Islands by the National Bank of Ras Al Khaimah (RAKbank; deposit rating of Baa1 stable, baseline credit assessment of baa3).

At the same time, the agency withdrew the existing provisional senior unsecured rating assigned to previous RAKbank's euro medium-term note program, which will cease to exist.

Moody’s said the rating is aligned with RAKbank's Baa1 deposit ratings. The alignment of the ratings reflects the fact that the senior unsecured notes issued under the euro medium-term note program will (a) be direct, unconditional, unsecured, and unsubordinated obligations of the issuer; (b) rank pari passu with all other direct, unconditional, unsecured and unsubordinated present and future obligations of the issuer; and (c) all such obligations are guaranteed unconditionally and irrevocably by RAKbank.

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