Fitch gives ANB Sukuk sukuk BBB-

Fitch Ratings said it assigned Arab National Bank’s $500 million subordinated tier 2 sukuk an expected long-term rating of BBB-. The sukuk will be issued by ANB’s special purpose vehicle, ANB Sukuk Ltd. (

The dollar-denominated sukuk will have a 10-year maturity, with a first call date in 2025, and will constitute direct, unsecured, and subordinated obligations of ANB and rank pari passu with all other ANB subordinated obligations but in priority of junior obligations.

“The certificate holders’ right to receive payment of the principal amount of the tier 2 certificates will, and the periodic distribution amounts in respect of tier 2 certificates may, be written-down (in whole or in part) upon the occurrence of a non-viability event,” Fitch said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.