Moody’s assigns NBK bonds Baa1

Moody’s Investors Service said it assigned a Baa1(hyb) long-term foreign-currency rating to the upcoming $300 million offering of subordinated bonds with contractual point of non-viability absorption features by NBK Tier 2 Ltd., a wholly-owned subsidiary of National Bank of Kuwait SAKP.

The bank will guarantee the notes, which will rank equally with the bank’s other tier 2 PONV subordinated debt.

“The NBK notes are dated subordinated bonds, have no coupon-skip provisions, rank senior to tier 1 instruments and are subordinated to the depositors and general creditors of the bank. With language written directly into its contractual terms, the security absorbs losses through a permanent principal write-down at the point of non-viability,” Moody’s said in a press release.

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