FITCH UPGRADES AHLI UNITED BANK AND ITS SUBSIDIARIES TO A- RATING
Ahli United Bank B.S.C. has announced that the long term rating of the Bank and its major subsidiaries in Kuwait and the United Kingdom have all been upgraded to ‘A-’ (stable) by Fitch Ratings, the international rating agency.
Fitch has upgraded the Issuer Default Rating (IDR) of Ahli United Bank B.S.C. from ‘BBB+’ to ‘A-‘ with a Stable outlook. Similarly, AUB’s subsidiary in the United Kingdom, Ahli United Bank (UK) PLC, and in Kuwait, Bank of Kuwait and the Middle East K.S.C, were both upgraded to ‘A-‘ (A minus)/Stable/’1’ from ‘BBB+’/Stable/ ‘2’ ratings.
Fahad Al-Rajaan, Chairman of AUB Group commented “We are very pleased with the improved rating of the bank and its major subsidiaries in both Kuwait and the United Kingdom. The upgrade highlights the key strengths of our group on the basis of robust asset quality, supported by a diversified revenue portfolio and reduced risk exposure”.