The issue is due on 28 June 2017 with call options after five years.
BBK's is rated Long-term Issuer Default ('IDR') 'A-' (A minus), Short-term IDR 'F2', Individual 'C' and Support '1'. Its Support Rating Floor is 'A-' (A minus). BBK has a Stable Outlook.
BBK is a medium-sized commercial bank with a network of 16 branches in Bahrain, where it has a 17% market share of deposits and 15% share of loans. It also has a branch in Kuwait, a representative office in the UAE and two branches in India. BBK is owned by individual and institutional investors in Bahrain and Kuwait. The government of Bahrain, through the state pension and social insurance organisations, is the largest shareholder with a 32.3% stake.
Fitch rates BBK's subordinated debt issue 'BBB+'
Fitch Ratings has today assigned Bahrain-based BBK B.S.C.'s ('BBK') USD275m subordinated debt issue a Long-term rating of 'BBB+' under the bank's USD1bn euro medium-term note programme.
- Bahrain: Thursday, June 28 - 2007 at 08:35
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Contact: Philip Smith, Mark Young, London, Tel: +44 (0) 20 7417 4222.Media Relations: Hannah Warrington, London, Tel: +44 (0) 207 417 4222.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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Posted by Anne-Birte Stensgaard, Senior News EditorThursday, June 28 - 2007 at 08:35 UAE local time (GMT+4)
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