UAE – Mubasher: Moody's Investors Service announced it has upgraded the provisional foreign currency senior unsecured MTN rating of AHB Sukuk Company Ltd, a subsidiary of Al Hilal Bank, to (P)A1 from (P)A2.
The backed senior unsecured rating on AHB Sukuk's outstanding $500 million senior unsecured note due 19 September 2023 was also upgraded to A1 from A2, according to a press release.
“The upgrades are driven by the issuance on 2 July 2019 by Abu Dhabi Commercial Bank (ADCB) of a guarantee covering AHB Sukuk Company Ltd.'s sukuk programme and its $500 million senior note, and follows ADCB's acquisition of Al Hilal Bank on 1 May 2019,” Moody's highlighted.
The American credit rating agency also maintained the outlook on AHB Sukuk's senior unsecured note at stable.
It is worth noting that Moody's previously affirmed Al Hilal Bank’s issuer rating at A2 with a stable outlook.
