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S&P places rating of Arab Bank Australia on CreditWatch Developing

S&P Global Ratings placed the BB+ long-term issuer credit rating of Arab Bank Australia Ltd. on CreditWatch with developing implications.

The rating agency said Feb. 14 that it also affirmed the bank's short-term issuer credit rating at B.

The CreditWatch placement reflects Arab Bank Group's potential sale of the Australian unit. S&P notes that if the sale pushes through, it will no longer regard Arab Bank Australia as a core operating entity of the parent.

However, the rating agency still believes that the Australian lender will continue to receive the same level of support from the parent until the divestment, and that the potential sale does not change its view of the bank's financial and business profiles.

The CreditWatch Developing reflects uncertainties on the bank's potential sale and its effect on the assessment of the bank's status to its parent. S&P will resolve the CreditWatch placement once the parent decides to sell or not sell its Australian unit.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.