Fitch Ratings has assigned Bahrain-based BBK’s likely issue of USD-denominated senior unsecured floating rate notes due 2018 an expected long-term rating of ‘BBB-(exp)’. The notes will be issued under BBK’s $2billion EMTN programme.
The final ratings will be contingent on the receipt of final documentation conforming to information already received and details regarding the final amount.
The new senior unsecured notes will be offered in exchange for BBK’s $275million subordinated step-up FRNs due 2017 (lower Tier 2 notes) of which $152.43million is currently outstanding.
Established in 1971, BBK is a leading commercial bank in Bahrain, offering retail and commercial banking. BBK’s largest shareholder is the Bahraini government (32%), followed by Ithmaar Bank (25%), a Bahraini investment bank.