OREANDA-NEWS. Fitch Ratings has assigned Al Khalij Commercial Bank (al khaliji) Q.S.C.'s (Al Khaliji; A+/Stable/bbb-) new euro commercial paper and certificates of deposit (CD) programme an expected Long-term rating of 'A+(EXP)' and Short-term Rating of 'F1(EXP)'.

The final rating is contingent on the receipt of final documents conforming to the information already received.

KEY RATING DRIVERS
The notes and CDs will be issued by AKCB Falcon Limited in the Cayman Islands. AKCB Falcon is a fully owned subsidiary of Al Khaliji that is set up solely to act as the issuer of debt funding.

The new programme's expected ratings are driven by Al Khaliji's Issuer Default Rating (IDR), reflecting Fitch's view that default of this senior unsecured obligation would reflect default of the entity in accordance with Fitch's rating definitions.

The notes and CDs are unconditionally and irrevocably guaranteed by Al Khaliji. The guarantee will be senior unsecured obligation of the guarantor ranking pari-passu with all present and future unsecured and unsubordinated debt of the guarantor.

The notes, the CDs, the guarantee and all non-contractual obligations arising out of or in connection with the notes will be governed by, and shall be construed in accordance with, English law.

RATING SENSITIVITIES
The ratings are linked and therefore sensitive to a change in Al Khaliji's IDR. This in turn is sensitive to a change in the perceived ability or willingness of the Qatari authorities to provide support to the bank, if needed.