S&P reaffirms ratings for Arab Banking Corporation.
Summary: Standard & PooreCOs (S&P), the international rating agency, reaffirmed the counterparty credit ratings of Arab Banking Corporation (ABC ABC
in full American Broadcasting Co.
Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ) at BBB BBB
A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. +/Stable/A-2 on 19 June 2008.
Standard & PooreCOs (S&P), the international rating agency, reaffirmed the counterparty credit ratings of Arab Banking Corporation (ABC) at BBB+/Stable/A-2 on 19 June 2008. One reason for this acknowledgement is eC[pounds sterling]S&PeCOs belief that support from principal shareholders is highly likely in case of need.eC[yen]
This was fully demonstrated by the recent increase in ABC's capital by $1.11 billion, through a rights issue of 1.0 billion shares at $1.11 per share which was finalised on 18 June 2008. ABC's principal shareholders Kuwait Investment Authority The Kuwait Investment Authority (KIA) is Kuwait's government investment arm, specializing in local and foreign investment. It was founded to manage the funds of the Kuwaiti Government in light of financial surplusses after the discovery of oil. , Central Bank of Libya The Central Bank of Libya (CBL) is 100% state ownership and represents the monetary authority in The Great Socialist People’s Libyan Arab Jamahiriya and enjoys the status of autonomous corporate body. and Abu Dhabi Investment Authority The Abu Dhabi Investment Authority (ADIA) is one of the biggest government investment authorities in the world, a Sovereign wealth fund. Founded on February 24, 1977 as the first U.A.E. investment company in the capital. oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. their rights in their pre-existing proportions. Ownership of ABC now stands as Kuwait Investment Authority 29.7%, Central Bank of Libya 29.5%, Abu Dhabi Investment Authority 27.6%, and other shareholders 13.2%.
Mr. Hassan Juma, President & Chief Executive of ABC, said eC[pounds sterling]The successful completion of the rights issue is a recognition of the confidence of the shareholders in ABCeCOs strategy to focus on fulfilling the long term needs of our clients and the aspirations of our shareholders, despite the ongoing challenging conditions in the financial industry. We are pleased with S&PeCOs endorsement through reaffirmation of ABCeCOs ratings.eC[yen]
A[umlaut] 2008 Mena Report (www.menareport.com)
A[umlaut] 2008 Al Bawaba (Albawaba.com)
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