Wednesday, September 5, 2012

RAM Ratings reaffirms AAA(bg) rating of ADCB Cayman’s RM3.5 billion debt facility




Published on 29 August 2012

RAM Ratings has reaffirmed the AAA(bg)/Stable/- long-term rating of the medium-term notes (“MTN”) issued under ADCB Finance (Cayman) Limited’s RM3.5 billion MTN Programme (2010/2030). The AAA(bg) rating reflects the irrevocable and unconditional guarantee provided by Abu Dhabi Commercial Bank PJSC (“ADCB”) on all amounts due under the MTN.

ADCB Cayman is wholly owned by ADCB, and is a funding conduit for the latter. ADCB is a diversified commercial bank in the United Arab Emirates (“UAE”), ranking third in terms of assets. The Government of Abu Dhabi owns a 58.1%-stake in ADCB via the Abu Dhabi Investment Council. ADCB’s ratings remain underpinned by its strong connection with the governments of both Abu Dhabi and the UAE, as well as its superior capitalisation levels.

For further details on ADCB, please refer to the press release, RAM Ratings reaffirms Abu Dhabi Commercial Bank’s AAA/P1 ratings, published on 29 August 2012.

Media contact
Kwan Ji-Ling
(603) 7628 1115



No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Related Posts with Thumbnails