Moody’s assigns NBK tier 1 notes Baa3

Moody’s Investors Service said it assigned a Baa3 (hyb) rating to NBK Tier 1 Ltd.’s upcoming perpetual non-cumulative additional tier 1 capital securities.

NBK Tier 1 is a special-purpose vehicle established to sell the AT1 securities and use the proceeds to finance a subordinated loan to the National Bank of Kuwait.

The bank will guarantee the notes. As such, the rating is based on NBK’s creditworthiness and is set three notches below the bank’s a3 adjusted baseline credit assessment, following Moody’s standard notching guidance for contractual non-viability preferred securities with optional non-cumulative coupon suspension, the agency said.

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