Ahli United Bank Ratings Affirmed − Outlook Revised to Negative
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Summary
Ref: B H 0 29 2 2 CRA00- 0 1 2 8 November 20 2 3
Ahli United Bank Ratings Affirmed − Outlook Revised to Negative
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook for Ahli United Bank B.S.C. (AUB) Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) to Negative from Stable. At the same time, the Bank’s LT FCR and BSR have been affirmed at A-’ and ‘ bbb +’, respectively. The ST FCR has also been affirmed at ‘A2’. The Extraordinary Support Level (ESL) remains H igh .
The revision of the Outlook is driven by the planned divestment of Ahli United Bank Kuwait (AUBK; rated ‘A+’/‘A1’/Stable) − AUB’s Kuwaiti subsidiary. The forthcoming transfer of AUBK to Kuwait Finance House (KFH; rated ‘A+’/‘A1’/Stable) in H1 2024 falls in line with the Kuwaiti parent’s strategy to merge the Kuwaiti entities to achieve group…