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Fitch downgrades Arab Banking
Fitch Ratings said it downgraded Arab Banking Corp.'s long-term foreign-currency issuer default rating to BBB from BBB+ and short-term foreign-currency issuer default rating to F3 from F2.
The senior unsecured debt was downgraded to BBB from BBB+ and subordinated debt to BBB- from BBB.
The outlook on the long-term foreign-currency issuer default rating is stable.
Fitch said the action follows an announcement by the company that the Central Bank of Libya (BBB+/stable) has increased its stake in Arab Banking to 59.4% from 41.7% as a result of acquiring the entire stake held by the Abu Dhabi Investment Authority (AA/stable).
Ratings reflect the view that there would be a high probability of support from its main shareholders, given their commitment to recent rights issues and by confirmation of continued support, the agency said.
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