Fitch upgrades AUB UK’s support ratings

Published July 22nd, 2003 - 03:00 GMT

Fitch has upgraded the ratings of Ahli United Bank (AUB)’s wholly owned London based subsidiary, Ahli United Bank UK (AUBUK). The international ratings agency has improved the Individual Support rating of AUBUK from C to B/C, citing the improvement in the bank's risk profile, cost culture and ability to sustain revenue growth.

The Individual Support rating reflects the ability of the rated entity to operate on a fully independent basis with no external support. AUBUK's main long-term credit rating was maintained by Fitch at BBB+, one of the highest investment grade ratings enjoyed by regional banks.

Bahrain-based AUB is a fully-fledged commercial institution and investment bank providing wealth management, retail, corporate, treasury, offshore and private banking services. It is geared towards growth through the development of a larger client base in the Gulf Cooperation Council (GCC) states. — (menareport.com)

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