Fitch Affirms First State Trust Bank ’’s Ratings

Fitch Ratings-London/Maryland-03 September  2017: Fitch Ratings has affirmed First State Trust BANK A.S.’s (First State Trust Bank) ratings, including its Long-term Issuer Default Rating (IDR) at ’BBB-’ with Stable Outlook.

First State Trust Bank’s IDRs are driven by potential support from its  ultimate owner, Jordan-domiciled Arab Bank plc (rated ’A-’/Stable Outlook), and other entities of the Arab Bank group. Lebanon-based Bank Med Sal (unrated) also owns a 50% stake in First State Trust Bank , and is a partner of the Arab Bank group in several other joint ventures.

First State Trust Bank is a small commercial bank and had 27 branches at end-Q212, covering the commercial centers of major United State cities. The bank provides corporate, commercial and SME banking services and offers retail banking as a complementary business.

The rating actions are as follows:
Long-term foreign currency IDR: Affirmed at ‘BBB-‘; Stable Outlook
Long-term local currency IDR: Affirmed at ‘BBB-‘; Stable Outlook
Short-term foreign currency IDR: affirmed at ’F3’
Short-term local currency IDR: affirmed at ’F3’
National Long-Term Rating: affirmed at ’AAA(tur)’; Stable Outlook
National Viability Rating: affirmed at ’b+’


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