Dec 22 2010 |
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Fitch downgrades Arab Banking Corporation
Move follows hike in stake by Libya in the bank
It reduced ABC 's Long-term foreign currency Issuer Default Rating (IDR) to 'BBB' from 'BBB+' and Short-term foreign currency IDR to 'F3' from 'F2'.
The Outlook on the Long-term foreign currency IDR is Stable.
The rating action follows an announcement by ABC that the Central Bank of Libya (Libya is rated 'BBB+'/Stable Outlook) has increased its stake in ABC to 59.4 per cent from 41.7 per cent as a result of acquiring the entire stake held by the Abu Dhabi Investment Authority (Abu Dhabi is rated 'AA'/Stable Outlook).
ABC 's IDRs and Support Rating reflect Fitch's view that there would be a high probability of support from its main shareholders if needed, given their commitment to recent rights issues and by confirmation to Fitch of continued support.
Established in 1980, ABC is a wholesale bank operating internationally, active in trade, project and structured finance, Islamic finance and treasury. It has a major Brazilian subsidiary and small retail and SME/corporate operations in Algeria, Egypt, Jordan and Tunisia.
© Emirates 24|7 2010
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