RPT-Fitch Rates Al Khaliji's USD500m Issue Final 'A-'
Oct 11 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned Al Khalij Commercial Bank (al khaliji) Q.S.C.'s USD500m 3.25% guaranteed senior unsecured notes due 22 October 2018 issued under al khaliji's USD750m euro medium term note programme a final rating of 'A-'. A full list of al khaliji's ratings is at the end of this rating action commentary.
KEY RATING DRIVERS
The ratings assigned to the notes are equalised with al khaliji's Long-term Issuer Default Rating (IDR) of 'A-'. The payments of all amounts due in respect of the notes issued is guaranteed by al khaliji on an unsubordinated basis. Notes under the programme are issued by AKCB Finance Limited, a special purpose entity incorporated in the Cayman Islands.
The rating of the notes is sensitive to any change in al khaliji's IDR. Al khaliji was the fifth-largest bank and fourth-largest conventional bank by assets in Qatar, accounting for 3.7% of total banking assets.
Al khaliji's ratings are as follows:
Long-term IDR: 'A-'; Stable Outlook
Short-term IDR: 'F2'
Viability Rating: 'bb+'
Support Rating: '1'
Support Rating Floor: 'A-'
AKCB Finance Limited
EMTN programme: Senior unsecured debt 'A-'/'F2'
Guaranteed Notes: Senior unsecured assigned 'A-'
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