Fitch Assigns Ahli United Bank’s Upcoming Senior Unsecured Sukuk an Expected ‘BB+(EXP)’ Rating

Fitch Ratings (Fitch) has assigned Bahrain-headquartered Ahli United Bank’s (AUB; rated BB+/bb/Stable) upcoming senior unsecured Sukuk ranging between USD 500 million and USD 750 million, an expected rating of ‘BB+(EXP)’. The Sukuk will be issued through AUB Sukuk Limited (AUBSL), which is the trustee special purpose vehicle established solely to issue Sukuk for AUB. According to media reports based on a bank document shown on the 31st of August 2021, AUB has hired banks to arrange for the sale of five-year USD-denominated senior Sukuk.

Ratings Rationale

The final rating is contingent on the successful issuance of the Sukuk and final documents conforming to already reviewed information. The expected rating of the Sukuk is in line wit...