Fitch Assigns Final ‘BBB-’ Rating to Arab National Bank’s USD 750 Million Subordinated Tier-2 Sukuk

Fitch Ratings has assigned a final long-term rating of ‘BBB-’ to Saudi Arabia’s Arab National Bank (ANB)’s USD 750 million subordinated Tier 2 Sukuk, issued via ANB’s special purpose vehicle, ANB Sukuk Ltd (ASL). The final rating remained the same as the expected rating that was assigned earlier in October 2020, following receipt of the final documentation confirming the information already provided.

According to Fitch, the USD-denominated Sukuk has a ten-year tenure that is set to mature on the 28th of October 2030 and will rank pari passu with all other subordinated obligations of ANB, except in priority of junior obligations.

The Tier 2 certificates are rated two notches below ANB’s ‘BBB+’ Long-Term Issuer Default Ra...