PARIS (Standard & Poor's) Oct. 6, 2010--Standard & Poor's Ratings Services said today that it has assigned its 'A-/A-2' long- and short-term senior unsecured debt ratings to the $2.0 billion Euro Medium-Term Note program recently renewed by Ahli United Bank B.S.C. (AUB; A-/Stable/A-2), a commercial bank headquartered in Bahrain.
The ratings on the program are equalized with the counterparty credit rating on AUB, reflecting our view that the notes will rank pari-passu with AUB's other senior unsecured debt.
AUB is a full-fledged commercial banking group that provides conventional and Islamic corporate, retail, treasury, and private banking services. It is registered in Bahrain--where it is among the largest banks--but also operates in Kuwait, Qatar, the U.K., Egypt, Libya, Oman, and Iraq through subsidiaries or managed affiliates. With total assets of $25.1 billion on June 30, 2010, AUB is among the 20 largest banking groups in the Gulf.
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