Fitch rates Al Hilal Islamic Bank BBB+

Fitch Ratings said it assigned Al Hilal Islamic Bank JSC (AHBK) long-term foreign- and local-currency issuer default ratings of BBB+ with a stable outlook.

“AHBK's BBB+ IDRs and bbb+ shareholder support rating (SSR) reflect Fitch's view of a high probability of support, if needed, from the bank's ultimate parent, UAE-based Abu Dhabi Commercial Bank PJSC (ADCB; A+/stable) controlled by the government of Abu Dhabi (AA/stable). AHBK's direct shareholder is UAE-based Al Hilal Bank PJSC, which in turn is a 100%-owned core Islamic banking arm of ADCB. We believe that state support available to ADCB is also likely to be extended to AHBK, in case of need,” the agency said in a press release.

The bank’s BBB+ foreign-currency IDR is capped by Kazakhstan’s BBB+ country ceiling, Fitch said.

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