Fitch rates AUB sukuk BB+

Fitch Ratings said it assigned Ahli United Bank BSC's upcoming $500 million-$750 million senior unsecured sukuk an expected rating of BB+. The sukuk will sold through special-purpose vehicle AUB Sukuk Ltd.

“The certificates' expected rating is in line with AUB's BB+ long-term issuer default rating (IDR), which reflects Fitch's view that default of these senior unsecured obligations would equal a default of AUB in accordance with Fitch's rating definitions,” the agency said in a press release.

The outlook is stable.

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