Moody's rates Qatar National Bank notes Aa3

Moody's Investors Service said it assigned a provisional Aa3 rating to the senior unsecured notes of Qatar National Bank SAQ. The bank has Aa3, prime-1 and C- ratings.

The notes will be issued by the bank's wholly-owned subsidiary, QNB Finance Ltd. and will be guaranteed by the bank under an unconditional and irrevocable guarantee.

The amount to be issued is yet to be determined.

Moody's said the Aa3 foreign-currency denominated senior notes are rated at the same level as the long-term foreign-currency deposit rating assigned to Qatar National Bank.

The agency said it considered the bank's relative importance to Qatar's domestic financial system and the high likelihood of potential support from the Qatari authorities in case of need.

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