OREANDA-NEWS. Fitch Ratings has assigned First Gulf Bank P.J.S.C.'s (FGB) new Euro-Commercial Paper (ECP) programme an expected senior unsecured rating of 'F1(EXP)' and existing Negotiable Certificate of Deposit (NCD) programme 'A+'/'F1' ratings. A full list of rating actions is at the end of this rating action commentary.

The notes issued under the ECP programme have a total issuance up to a maximum USD3bn or equivalent. The final rating is contingent on the receipt of final documents conforming to the information already received.

The notes issued under the NCD programme have a total issuance up to a maximum USD1bn or equivalent.

KEY RATING DRIVERS
The programme ratings are driven by FGB's Long-term and Short-term Issuer Default Ratings of 'A+'/'F1', reflecting Fitch's view that default of these senior unsecured obligations would reflect default of the entity, in accordance with Fitch's rating definitions.

The notes issued under the two programmes will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer and rank at least pari passu with all other outstanding unsecured and unsubordinated obligations of the issuer.

The two programmes, any notes issued under them, and any 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 sensitive to a change in FGB's Long-term and Short-term IDR. These in turn are sensitive to a reduction in the perceived ability or willingness of the UAE and Abu Dhabi authorities to provide support to the bank. Given the robust economy, the authorities' strong track record of support for local banks and no plans for resolution legislation at this stage, downward pressure is considered low.