Fitch gives Abu Dhabi Bank notes A+, A

Fitch Ratings said it assigned Abu Dhabi Commercial Bank's updated $7.5 billion global medium-term note program an expected rating of A+(EXP) for the senior notes.

Fitch also assigned an expected rating of A(EXP) to the bank's planned subordinated debt (tier 2 notes) issuance. The subordinated notes, issued by Abu Dhabi Commercial Bank Finance (Cayman) Ltd., and guaranteed on a subordinated basis by Abu Dhabi Commercial Bank, have a 10-year maturity.

In the case of the senior notes issued under the program, the bank's obligations under the guarantee will be a direct, unconditional, unsubordinated and unsecured obligation of the bank and will rank pari passu and equally with its other unsecured obligations.

The subordinated notes are rated one notch below the bank's A+ issuer default rating, rather than the typical notching from the viability rating, as allowed in Fitch's criteria for "Assessing and Rating Bank Subordinated and Hybrid Securities" for issuers in highly supportive jurisdictions, such as the UAE, the agency said.

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