S&P assigns Arab National Bank notes A-

Standard & Poor's said it assigned its A- long-term rating to $500 million of subordinated debt due October 2016 issued by Arab National Bank (A/stable/A-1).

The issue is part of the bank's $850 million euro MTN program launched earlier this year, which was assigned ratings of A/A-1 for its long- and short-term senior unsecured portion, the agency said.

"The rating on the subordinated notes are one-notch below the long-term counterparty credit rating on the bank to reflect the notes' subordinated status," said S&P credit analyst Anouar Hassoune.

"The ratings on Arab National Bank are somewhat constrained by below-domestic-average, although adequate, capitalization and limited geographic diversification, as well as increasing competition in the Saudi banking market."

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