The notes are part of a USD3.5 billion EMTN programme rated A3 for subordinated and A2 for unsubordinated notes issued under the programme. The outlook for the ratings is stable.
Moody's explains that the A2 senior unsubordinated debt rating, is at the same level as the A2 foreign currency deposit rating already assigned to FGB. In assigning this rating, Moody's has considered the bank's intrinsic credit strength given its D+ bank financial strength rating, its relative importance to the United Arab Emirates' banking system and has imputed possible external support.
First Gulf Bank is headquartered in Abu Dhabi and at year-end 2006 had assets of AED47.8 billion (USD13.0 billion).
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Moody's assigns A2 rating to First Gulf Bank's (UAE) senior unsubordinated notes
- United Arab Emirates: Tuesday, June 19 - 2007 at 08:14
- PRESS RELEASE
Moody's Investors Service has assigned an A2 long-term rating to the upcoming senior unsubordinated notes to be issued by First Gulf Bank PJSC (FGB).
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New YorkLaura Levenstein
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, June 19 - 2007 at 08:14 UAE local time (GMT+4)
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This article was updated on Thu Jun 21 2007.
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