GCC Fixed Income Chart Book: 9M 2017 Review
12 October 2017
2
Disclaimer
The information contained herein has been prepared by First Abu Dhabi Bank P.J.S.C (“FAB”). FAB relies on information
obtained from sources believed to be reliable but does not guarantee its accuracy or completeness.
This presentation has been prepared for information purposes only and is not and does not form part of any offer for sale
or solicitation of any offer to subscribe for or purchase or sell any securities nor shall it or any part of it form the basis of or
be relied on in connection with any contract or commitment whatsoever.
Some of the information in this presentation may contain projections or other forward-looking statements regarding future
events or the future financial performance of FAB. These forward-looking statements include all matters that are not
historical facts. The inclusion of such forward-looking information shall not be regarded as a representation by FAB or any
other person that the objectives or plans of FAB will be achieved. FAB undertakes no obligation to publicly update or
publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise.
3
Foreword
Welcome to our 9M 2017 chart book for the GCC fixed income market. The idea is very simple – to give those of you who
follow this market a quick snapshot of some of the key points in terms of the following:
➢ Primary Market issuance year to date and the new issue trend over the past seven years
➢ Deal dynamics and relative value analysis
➢ Secondary Market performance of key instruments (snapshot from 30th December 2016 to 6th October 2017)
We have deliberately made the report text-light in an attempt to make it easier to digest. Hopefully you will find it both
interesting and useful.
If you have any feedback on the report, or indeed would like to discuss any of the points highlighted, please do contact me.
Regards,
Chavan Bhogaita / Rakesh Sahu
Market Insights & Strategy
Global Markets, FAB
+971 2 6110 127
Please click here to view our recent publications on MENA and Global Markets
4
GCC bonds & sukuk issuance year-to-date
Source: Bloomberg/FAB
For the analysis below we have considered major hard currency ($/€/£/A$) bonds and sukuk issuances from the six nations
in the GCC. This includes both fixed and floating rate issuances above $100m and maturity of 1-year or above.
0
10
20
30
40
50
60
70
80
90
100
2010 2011 2012 2013 2014 2015 2016 YTD'17
23.2 21.118.2 18.4 18.9
15.0
54.6 55.62.4 4.8
14.1 11.413.7
7.6
14.4
20.9
24
Issuance projection for rest of 2017
Sukuk
Conventional bond
▪ 2017 will be another record year for
GCC fixed income primary market
▪ Total annual issuance now stands
at an all-time high
25.6
100
25.9
32.229.8
32.6
22.6
69.1
Total issuance
5
GCC sovereigns issued a record level of debt this year
Source: Bloomberg/FAB
GCC Sovereign issue trend
6.4 7.3 6.8
3.3 3.42.1
40.0
50.1
0
20
40
60
80
100
120
0
5
10
15
20
25
30
35
40
45
50
55
60
2010 2011 2012 2013 2014 2015 2016 YTD'17
Sov bond issue in US$ bn (LHS)
Avg brent price in $/bbl (RHS)
Sov
as % of
total
GCC
issue
25% 28% 21% 11% 10% 9% 58% 52%
0 5 10 15 20 25 30 35 40 45 50 55
2016
2017Sov
issue
by
country
Kingdom of Saudi Arabia
Qatar
Kuwait Oman Abu DhabiBahrain
UAE ex AD
US$ bn
6
Risk-reward offered by GCC Sov paper overshadows the Qatar situation – evidenced by recent order books
Source: Bloomberg/FAB; The credit ratings shown are from Moody’s/S&P/Fitch
50
70
90
110
130
150
170
20.0 20.0 20.0
Sp
read
ov
er
Tre
asu
ry (
bp
s)
IPT
Final Pricing
ADGB 5Y2.50% 11/10/2022
ADGB 10Y3.125% 11/10/2027
ADGB 30Y4.125% 11/10/2047
T+85
T+65
T+105
T+150
T+85
T+130
-20 bps
-20 bps
-20 bpsOrderbook size:
~$30bn (3.0x)
Deal size:
$10bn
Abu Dhabi (Aa2/AA/AA) 3-tranche deal in Oct
100
120
140
160
180
200
220
20.0 20.0 20.0
Sp
read
ov
er
Tre
asu
ry (
bp
s)
IPT
Final Pricing
KSA long 5Y2.875% 04/03/2023
KSA long 10Y3.625% 04/03/2028
KSA 30Y4.625% 04/10/2047
T+130
T+110
T+165
T+200
T+145
T+180
-20 bps
-20 bps
-20 bps
Orderbook size:
~$40bn (3.2x)
Deal size:
$12.5bn
KSA (A1/A-/A+) 3-tranche deal in Sep
Deal distribution by geography
0% 20% 40% 60% 80% 100%
KSA
ADGBMENA
22%
Europe
29%
Asia
10%
US
39%
MENA
8%
Europe
26%
Asia
18%
US
48%
Investor base for GCC Sovereigns are well diversified with more
than 75% of the demand coming from outside the MENA region
5.00
5.50
6.00
6.50
7.00
7.50
8.00
37.5 50.0 37.5
Yie
ld t
o M
atu
rity
(%
)
IPT
Final Pricing
BHRAIN7.5Y Suk5.25% 20/03/2025
BHRAIN12Y 6.75% 20/09/2029
BHRAIN 30Y 7.5% 20/09/2047
5.625%
5.25%
7.25%
7.875%
6.75%
7.50%
BHRAIN7.5Y Suk5.25% 20/03/2025
-37.5 bps
-50 bps
-37.5 bps
Orderbook size:
~$15bn (5x)
Combined
deal size:
$3bn
Bahrain (B1/BB-/BB+) 3-tranche deal in Sep
7
Overall demand remains anchored for GCC papers
0 2 4 6 8
10
12
14
16
18
20
22
Abu Dhabi 3-tranche (5y, 10y & 30y) in Oct
KSA 3-tranche (long 5y, long 10y & 30y) in Sep
Bahrain 3-tranche (7.5y sukuk, 12y & 30y) in Sep
Oman 7Y Sukuk in Jun
KSA 2-tranche Sukuk (5y & 10y) in Apr
Kuwait 2-tranche (5y & 10y) in Mar
Oman 3-tranche (5, 10 & 30y) in Mar
Inv. Corp. of Dubai 10Y Sukuk in Feb
Mubadala 2-tranche (5y & 10y)
Dubai Islamic Bank 5Y Sukuk
Omangrid 10Y Bond
National Bank Kuwait 5Y Bond
FAB 5Y Green Bond
Ahli Bank Qatar 5Y
Majid Al Futtaim Perp
Equate Petrochemical 7Y Sukuk
Qatar Reinsurance Perp
30.0
40.0
15.0
7.0
33.0
30.0
19.5
3.1
4.3
2.1
2.7
2.9
1.1
2.0
1.8
3.7
6.5
Abu Dhabi 3-tranche (5y, 10y & 30y) in Oct
KSA 3-tranche (long 5y, long 10y & 30y) in Sep
Bahrain 3-tranche (7.5y sukuk, 12y & 30y) in Sep
Oman 7Y Sukuk in Jun
KSA 2-tranche Sukuk (5y & 10y) in Apr
Kuwait 2-tranche (5y & 10y) in Mar
Oman 3-tranche (5, 10 & 30y) in Mar
Inv. Corp. of Dubai 10Y Sukuk in Feb
Mubadala 2-tranche (5y & 10y)
Dubai Islamic Bank 5Y Sukuk
Omangrid 10Y Bond
National Bank Kuwait 5Y Bond
FAB 5Y Green Bond
Ahli Bank Qatar 5Y
Majid Al Futtaim Perp
Equate Petrochemical 7Y Sukuk
Qatar Reinsurance Perp
45Amount in billion US$
Times oversubscribedOrderbookAmount issued
Source: Bloomberg/FAB
3.0x
5.0x
3.7x
3.8x
3.9x
3.1x
2.9x
2.7x
2.1x
3.9x
4.0x
3.2x
3.5x
2.2x
14.4x
7.4x
3.6x
Fin
s &
Co
rp.
Bo
nd
sS
ov
ere
ign
/SW
F B
on
ds
8
GCC sovereign credit ratings & CDS spreads versus peers
Notes: * X-axis represents the composite rating (please refer Appendix for calculation method); Dubai is not rated by any rating agency and we have assigned a proxy rating of ‘BBB+’ based on
its fundamentals with a relative comparison to DEWA (BBB+) & Emirate of Sharjah (BBB+). The ratings have been arranged from higher to lower starting from ‘AA’, followed by ‘AA-’ and so on;
Source: Bloomberg/FAB
Bahrain
Turkey
Russia
Indonesia
India
Dubai*
SpainMalaysia
Italy
Poland
Kingdom of Saudi Arabia
China
Japan
South Korea
Abu Dhabi
Qatar
UK
France
Austria Belgium
Hong Kong
Kuwait
0
20
40
60
80
100
120
140
160
180
200
220
240
CD
S (
bp
s)
The chart shows that Gulf sovereigns are rated favourably as
compared to many of their peers from the EMEA region.
AA+ AA AA- A+ A A-AAA BBB BBB-BBB+ BB+ BB BB-
Indeed Abu Dhabi and Kuwait have maintained their AA ratings
from all major rating agencies amid a persistent low oil price
environment. The ratings of these sovereigns underpin the fact
that they have substantial reserves and a range of tools
available to them to deal with the “new normal” oil price and
other geo-political threats.
9
GCC sovereign curves
Source: Bloomberg/FAB
2.00
3.00
4.00
5.00
6.00
7.00
8.00
5Y 10Y 30Y
Yie
ld t
o M
atu
rity
(%
)
ADGB KUWAIT QATAR KSA DUGB OMAN BAHRAIN
~5-year bonds ~10-year bonds ~30-year bonds
KUWIB 2.75 03/22
KUWIB 3.5 03/27
OMAN 3.875 03/22
BHRAIN 7.5 09/47
BHRAIN 6.125 07/22
BHRAIN 7.0 10/28
ADGB 2.5 10/22
QATAR 2.375 06/21
QATAR 4.625 06/46
KSA 2.875 03/23
KSA 4.625 10/47
DUGB 6.45 05/22
DUGB 5.25 01/43OMAN 5.375 03/27
OMAN 6.5 03/47
ADGB 4.125 10/47
DUGB 5 04/29
10
GCC credit quality at a glance
Note: The ratings mentioned here are composite credit rating for each issuer. Please see appendix for the methodology of calculating composite credit rating; * Dubai is not rated by any rating
agency and we have assigned a proxy rating of ‘BBB+’ based on its fundamentals with a relative comparison to DEWA (BBB+) & Emirate of Sharjah (BBB+); Source: Bloomberg/FAB
Unite
d A
rab
Em
ira
tes (
UA
E)
Em
ira
te o
f A
bu
Dha
bi
Ku
wa
it
Qa
tar
Kin
gd
om
of
Sa
ud
i A
rab
ia
Em
ira
te o
f R
as A
l-K
ha
ima
h
Em
ira
te o
f S
ha
rja
h
Em
ira
te o
f D
ub
ai*
Su
lta
na
te o
f O
ma
n
Kin
gd
om
of
Ba
hra
in
3
4
5
6
7
8
9
10
11
12
13
14
15
Co
mp
osit
e R
ati
ng
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
Mu
ba
da
la
IPIC
TD
IC
Wa
ha
Qa
tari
Dia
r
Qa
tar
Pe
tro
leu
m
Etisa
lat
RA
SG
AS
Ind
ustr
ies Q
ata
r
Dolp
hin
En
erg
y
QG
TS
(N
akila
t)
SE
CO
SA
BIC
Etih
ad
Oo
red
oo
(Q
tel)
Qa
tar
Rein
su
ran
ce
Sa
ud
i T
ele
co
m
Ta
qa
DE
WA
MA
F
DIF
C In
ve
stm
en
t
DP
Wo
rld
JA
FZ
Ald
ar
EQ
UA
TE
Pe
tro
ch
em
OM
GR
ID
Em
aa
r M
alls G
rp
Ku
wa
it P
roje
cts
Co
Em
aa
r P
rop
Dub
ai In
v P
ark
Ezd
an
Ho
ldin
g
Mu
mta
laka
t
Ba
telc
o
Dam
ac
Inve
stc
orp
Dar
Al A
rka
n
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Co
mp
osit
e R
ati
ng
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
AA+
B-
IsD
B
FA
B
NB
K
QN
B
Al-
Hila
l
UN
B
Ind
Ba
nk o
f K
uw
ait
Ku
wa
it I
ntl B
an
k
AD
CB
AD
IB
Doh
a B
an
k
QIB
QII
B
Al A
hli B
an
k o
f K
uw
ait
KF
H
CB
K
Gu
lf B
an
k
INT
BO
Q
Intn
l B
an
k o
f Q
ata
r
Em
ira
tes I
sla
mic
Ba
nk
Ah
li B
an
k Q
SC
Bo
ub
ya
n b
an
k
CB
Q
Al K
ha
lij
NC
B
Sa
mb
a
Al R
ajh
i
SA
BB
Riy
ad
Ba
nk
Dub
ai Is
lam
ic B
an
k
Noo
r
Gu
lf In
v C
orp
Bu
rga
n B
an
k
Wa
rba
Ba
nk
Ma
sh
req
BS
F
Ara
b N
atio
na
l B
an
k
Sa
ud
i H
olla
nd
i
HS
BC
Ba
nk O
ma
n
Sa
ud
i In
v B
an
k
Gu
lf In
tl B
an
k
Com
Ba
nk o
f D
ub
ai
Ta
mw
ee
l
Ba
nk o
f S
ha
rja
h
Sh
arja
h I
sla
mic
Ba
nk
RA
KB
AN
K
NB
F (
Fu
jair
ah
)
UA
B
Ah
li U
nite
d B
an
k
Om
an
Ara
b B
an
k
Ba
nk M
usca
t
NB
O
Ba
nk D
ho
far
Ba
nk S
oh
ar
Ah
li B
an
k S
AO
G
AB
C
NB
B
BB
K
Co
mp
osit
e R
ati
ng
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
AAA
GCC Sovereigns GCC Corporates
GCC Financials
BB-
BB-
B+
11
GCC spread performance summary – YTDTop 10 / bottom 10 bond/sukuk performers (z-spread, bps) in each category from 30th Dec 2016 to 6th Oct 2017
-90-60-300306090
+30
+12
+10
+3
+1
-0
-4
-5
-6
-7
-36
-37
-38
-39
-39
-39
-40
-45
-71
-85
Sovereigns
DUGB 43
RAKS 18 (S)
BHRAIN 18 (S) Unsec
KSA 26
DUGB 21 PUTA
BHRAIN 21
BHRAIN 22
QATAR 30
ADGB 21
DUGB 20
QATAR 21
SHARSK 24 (S)
QATDIA 20
ADGB 22 *11/10/17
BHRAIN 29 *20/9/17
ADGB 27 *11/10/17
QATAR 22
BHRAIN 47 *20/9/17
BHRAIN 28
QATAR 23 (S)
-180-150-120-90-60-300306090120
+87
+46
+42
+31
+30
+15
+13
+11
+10
+10
-79
-84
-90
-92
-98
-98
-99
-129
-149
-165
Financials
BGBKKK Jr Sub PERP
Nxt C: 30-09-2019
ALHILA (S) Jr Sub PERP
Nxt C: 30-06-2019
AUBBI Jr Sub PERP Nxt
C: 29-04-2020
BKDBOM Jr Sub PERP
Nxt C: 27-05-2020
EBIUH Jr Sub PERP Nxt
C: 17-09-2020
EBIUH Jr Sub PERP Nxt
C: 30-05-2019
ADIBUH (S) Jr Sub
PERP Nxt C: 16-10-2018
RAKBNK 19
FABUH Jr Sub PERP Nxt
C: 17-06-2020
FABUH 3.25 19
ALKHAL 18
INTBOQ 20
ADCBUH Sub CALL Nxt C: 28-05-
2018
QNBK 20
COMQAT 21
ABQKQD 21
QIBKQD 22 (S) *23/5/17
COMQAT 2.875 19
QIBKQD 20 (S)
COMQAT 7.5 19
-250-200-150-100-50050100150200
+22
+13
+11
-6
-13
-13
-13
-16
-16
-17
-79
-81
-95
-102
-125
-126
-132
-143
-163
-211
Corporates
DAMACR 19 (S)
GMSEDU (S) Jr Sub
PERP Nxt C: 21-11-2018
MAFUAE Jr Sub PERP
Nxt C: 29-10-2018
DOLNRG 19 Sec SINK
DPWDU 37
DARALA 19 (S)
DICUH 19 (S)
JAFZSK 19 (S)
KWIPKK 23
EMAAR 19 (S)
INTPET 23 €
QTELQD 18 (S)
TAQAUH 19
OMGRID 27 *16/5/17
MUBAUH 24 *19/4/17
SECO 22 (S)
KWIPKK 27 *23/2/17
RASGAS 19 Sec
QATIQD Sub PERP Nxt C: 13-
09-2022 *13/3/17
KHDRWY 25 (S) SINK
Notes: (1) We have used a list of GCC public debt which have maturity one year or more on the analysis date and for which FAB trading desk provides market price; (2) If the instrument is a
"Sukuk", the ticker contains "(S)"; (3) All bonds/sukuks are $ denominated unless any other currency is highlighted in the ticker. (3) All bonds/sukuks are senior unsecured debt of the issuer unless
an abbreviation for the debt type is highlighted in the ticker – e.g. – “Unsec” = Unsecured debt junior to Senior Unsecured debt; ; “Sub” = Subordinated; “Sr Sub” = Senior Subordinated; “Jr Sub” =
Junior Subordinated; “Perp” = Perpetual; Callable, Puttable and Sinkable is highlighted by using “Call”, “Puta”, & “Sink” respectively; (4) * highlights spread change from the 1st settlement date of
the bond as it was issued in 2017; Source: FAB/Bloomberg
12
Sovereigns spread performance – Abu Dhabi
Source: FAB/Bloomberg
AD
GB
19
AD
WA
20
SIN
K A
DG
B 2
1
AD
GB
22
*
11
/10
/17 AD
GB
26
AD
GB
27
*
11
/10
/17
AD
GB
47
*
11
/10
/17
-17 -21
-37
-4
-24
+1
-7
-15
0
15
30
45
60
75
90
105
120
135
150
165
180
z-s
pre
ad
(b
ps)
MaturityLong
term
Short
term06-Oct-1730-Dec-16 Curve on 30-Dec-16 Curve on 06-Oct-17
13
Sovereigns spread performance – Qatar
QA
TA
R 1
8 (
S)
QA
TA
R 1
9
QA
TA
R 2
0
QA
TD
IA 2
0
QA
TA
R 2
1
QA
TA
R 2
2
QA
TA
R 2
3 (
S)
QA
TA
R 2
6
QA
TA
R 3
0
QA
TA
R 4
0
QA
TA
R 4
2
QA
TA
R 4
6
+43
-21
-12
-5
-7
+3
+30
-19
-38
-25-25 -22
0
20
40
60
80
100
120
140
160
180
200
220
z-s
pre
ad
(b
ps)
Maturity
06-Oct-1730-Dec-16
Long
term
Short
term
Notes: (1) If the instrument is a "Sukuk", the ticker contains "(S)" next to the maturity year; (2) ** Included QATDIA in Qatar Sov curve as it is explicitly Govt guaranteed; Source: FAB/Bloomberg
Curve on 30-Dec-16 Curve on 06-Oct-17
14
Sovereigns spread performance – Kuwait
Notes: * Highlights spread change from the 1st settlement date of the bond as it was issued in 2017; Source: FAB/Bloomberg
KU
WIB
22
*2
0/3
/17
KU
WIB
27
*2
0/3
/17
-32
-32
25
35
45
55
65
75
85
95
105
115
125
z-s
pre
ad
(b
ps)
MaturityLong
term
Short
term06-Oct-1730-Dec-16 Curve on 30-Dec-16 Curve on 06-Oct-17
15
Sovereigns spread performance – Saudi Arabia
KSA
21
KSA
22
(S)
*
20
/4/1
7
KSA
23
*
4/1
0/1
7
KSA
26
KSA
27
(S)
*
20
/4/1
7
KSA
28
*
4/1
0/1
7
KSA
46
KSA
47
*
4/1
0/1
7
-27 -23
-12
-40-35
-13
-22
-12
50
70
90
110
130
150
170
190
210
230
z-s
pre
ad
(b
ps)
Maturity
Notes: * Highlights spread change from the 1st settlement date of the bond as it was issued in 2017; If "Sukuk" the ticker contains "(S)" next to the maturity year; Source: FAB/Bloomberg
Long
term
Short
term06-Oct-1730-Dec-16 Curve on 30-Dec-16 Curve on 06-Oct-17
16
Sovereigns spread performance – Dubai
DU
GB
20
DU
GB
21
P
UT
A
DU
GB
22
(S
) D
UG
B 2
3 (
S)
DU
GB
29
(S
)
DU
GB
43
-36
-39-25
-13
-15
-85
25
50
75
100
125
150
175
200
225
250
275
300
325
350
z-s
pre
ad
(b
ps)
Maturity
06-Oct-1730-Dec-16
Long
term
Short
term
Notes: If "Sukuk" the ticker contains "(S)" next to the maturity year; Source: FAB/Bloomberg
Curve on 30-Dec-16 Curve on 06-Oct-17
17
Sovereigns spread performance – Sharjah
Notes: If "Sukuk" the ticker contains "(S)" next to the maturity year; Source: FAB/Bloomberg
SH
AR
SK
21 (
S)
SH
AR
SK
24 (
S)
-15
-6
75
80
85
90
95
100
105
110
115
120
125
z-s
pre
ad
(b
ps)
MaturityLong
term
Short
term06-Oct-1730-Dec-16 Curve on 30-Dec-16 Curve on 06-Oct-17
18
Sovereigns spread performance – Ras Al Khaimah
Notes: If "Sukuk" the ticker contains "(S)" next to the maturity year; Source: FAB/Bloomberg
RA
KS
18 (
S)
RA
KS
25 (
S)
-22
-16
50
60
70
80
90
100
110
120
130
z-s
pre
ad
(b
ps)
MaturityLong
term
Short
term06-Oct-1730-Dec-16 Curve on 30-Dec-16 Curve on 06-Oct-17
19
Sovereigns spread performance – Oman
OM
AN
21
OM
AN
22
*
8/3
/17
OM
AN
26
OM
AN
27
*
8/3
/17
OM
AN
47
*
8/3
/17
-26
-16
-16 -28
-15
100
125
150
175
200
225
250
275
300
325
350
375
400
z-s
pre
ad
(b
ps)
Maturity
06-Oct-1730-Dec-16
Long
term
Short
term
Notes: * Highlights spread change from the 1st settlement date of the bond as it was issued in 2017; If "Sukuk" the ticker contains "(S)" next to the maturity year; Source: FAB/Bloomberg
Curve on 30-Dec-16 Curve on 06-Oct-17
20
Sovereigns spread performance – Bahrain
BH
RA
IN 1
8 (
S) U
nse
c
BH
RA
IN 2
0 BH
RA
IN 2
1
BH
RA
IN 2
2
BH
RA
IN 2
3
BH
RA
IN 2
4 (
S)
BH
RA
IN 2
5 (
S)
*2
0/9
/17
BH
RA
IN 2
6
BH
RA
IN 2
8
BH
RA
IN 2
9
*2
0/9
/17
BH
RA
IN 4
4
BH
RA
IN 4
7
*2
0/9
/17
-19
-30
-39
-39-29 -10
-19
-22
+12
unch
-31
+10
75
100
125
150
175
200
225
250
275
300
325
350
375
400
425
450
475
500
525
z-s
pre
ad
(b
ps)
Maturity
06-Oct-1730-Dec-16
Long
term
Short
term
Notes: If "Sukuk" the ticker contains "(S)" next to the maturity year; Source: FAB/Bloomberg
Curve on 30-Dec-16 Curve on 06-Oct-17
21
Appendix
Source: Bloomberg/FAB
➢ As mentioned in above slides, we have used “composite ratings” for the credit quality analysis – i.e. the average of the
ratings assigned by three leading rating agencies Moody’s, S&P and Fitch – in order to provide a more representative
view of the credit strength of each bank.
➢ The composite rating is calculated as follows:
• A score is assigned to the rating from each rating agency: AAA or equivalent being the best with a score of “1”,
followed by AA+ or equivalent as “2”, AA or equivalent as “3”, AA- or equivalent as “4” and so on;
• For example FAB is rated Aa3/AA-/AA- by Moody’s/S&P/Fitch. So the scores are 4/4/4;
• Hence the average of the scores is “4” which indicates a composite rating of “AA-” for FAB;
• In case the average score is not an absolute number – e.g. 4.33 (average of 4, 5, & 4 ) – the final score is derived by
rounding off the average score to the nearest whole number. In this case “4”.
Thank You
Contact:
Chavan Bhogaita / Rakesh Sahu
Market Insights & Strategy
Global Markets
First Abu Dhabi Bank
Tel: +971 2 6110 127
Market Insights & Strategy, FAB Global Markets
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