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Ahli United Bank’s long-term rating has been upgraded to BBB+ from BBB by S&P. The upgrade is a result of the ongoing reorganization of Ahli through which it has become a significant part of Kuwait Finance House (KFH) group. Ahli contributed to about 34% of the KFH group’s combined assets and 37% of its profit as of end-September 2023. S&P expects KFH, the parent of Ahli, will provide extraordinary support when needed. Based on the bank’s June 2023 financials, S&P expects Ahli to even survive a sovereign default of Bahrain, which currently accounts for 18% of the bank’s exposures. In addition, according to S&P, Bahrain’s government is not expected to impose significant restrictions on the bank that could impair its capacity to fulfil its financial obligations in a timely manner.
Ahli’s bonds traded flat with its 3.875% Perp at 91 cents on the dollar, yielding 7.83%
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