Moody's Investors Service assigned a provisional senior unsecured foreign-currency rating of (P)A3 to Burgan Senior’s $1.5 billion Euro Medium-Term Note (EMTN) programme.
Burgan Senior is a special-purpose vehicle of Burgan Bank.
The foreign-currency rating is in line with Burgan Bank's A3 deposit ratings.
“The instruments issued under the programme will be unconditionally and irrevocably guaranteed by Burgan Bank,” Moody's said, adding that “the debt securities will be direct, unconditional and unsecured obligations of Burgan Bank”.
Burgan Bank may issue, under the programme, notes up to a maximum aggregate amount of $1.5 billion.
