Moody’s: Burgan Bank notes A3

Moody’s Investors Service said it assigned a provisional senior unsecured foreign-currency rating of A3 to the $1.5 billion euro medium-term note program of Burgan Senior SPC Ltd., a special-purpose vehicle of Burgan Bank.

The securities constitute direct, unconditional, unsecured and unsubordinated obligations of Burgan Bank, Moody’s said.

The agency also said it assigned a provisional A3 rating to the senior unsecured class of notes issued from the new program.

The rating is aligned with Burgan Bank’s A3 deposit ratings to reflect that the instruments will be unconditionally and irrevocably guaranteed by the bank.

The debt securities also will be direct, unconditional and unsecured obligations of Burgan Bank, ranking equally with all other unsecured and unsubordinated obligations, Moody’s said.

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