Doha – Mubasher: Moody's Investors Service assigned on Tuesday provisional (P)A2 long-term senior unsecured ratings to the $1.5 billion Guaranteed Euro Medium-Term Note (EMTN) programme of ABQ Finance Limited (Issuer), a special-purpose vehicle of Qatar-based Ahli Bank Q.S.C.
The (P)A2 ratings assigned to the senior unsecured class of notes of the new EMTN programme are aligned with ABQ's A2 long-term deposit ratings, reflecting two primary considerations: the instruments issued under the programme will be unconditionally and irrevocably guaranteed by ABQ; and the guarantee represents direct, unconditional, unsubordinated and unsecured obligations of ABQ ranking pari passu and at least equally
with all other unsecured obligations of the bank. Under the programme, ABQ Finance Limited may issue notes up to a maximum aggregate amount of $1.5 billion, according to Moody's.
The rating agency indicated that the upwards pressure on ABQ's ratings could develop following an increase in business diversification, and a reduction in borrower concentrations and real estate exposures, whilst maintaining a strong financial performance.
Ahli Bank stock steadied today at QAR 44.94, with a traded volume of 7,040 shares exchanged at a value reaching QAR 316,600.
