Moody's upgrades Al Hilal notes

Moody's Investors Service said it upgraded the foreign-currency senior unsecured medium-term note rating to provisional A1 from provisional A2 on AHB Sukuk Co. Ltd., a special purpose vehicle established in the Cayman Islands by Al Hilal Bank PJSC.

Moody's also said it upgraded the backed senior unsecured rating to A1 from A2 on AHB Sukuk's outstanding $500 million senior unsecured notes due Sept. 19, 2023.

The outlook remains stable.

The upgrades were driven by the issuance by Abu Dhabi Commercial Bank of a guarantee covering AHB Sukuk's sukuk program and its $500 million senior notes, the agency said.

The upgrades also follow the bank's acquisition of Al Hilal Bank, Moody's said.

These upgrades reflect a view that the guarantee provided by Abu Dhabi Commercial Bank meets the key elements of credit substitution according to the agency's methodology, the agency said.

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