...Support Drives IDRs: Ahli United Bank BSC's (AUB) Issuer Default Ratings (IDRs) reflect a high probability of support for the bank, if required, from the Kuwaiti authorities , despite the bank being licensed and headquartered in Bahrain. Country Ceiling Caps IDRs: We are not aware of any legal restrictions on support being provided by the Kuwaiti authorities to AUB. Nevertheless, the likelihood of support for AUB from the Kuwaiti authorities is constrained by Bahrain's Country Ceiling of `BBB-'. The Stable Outlook on AUB's Long-Term IDR, therefore, reflects that on Bahrain's sovereign rating. Sovereign Rating Constrains VR: The VR is not capped by Bahrain's sovereign rating given AUB's strong geographical diversification, solid performance, conservative risk appetite, sound asset quality and comfortable liquidity, as well as our opinion that AUB would remain solvent following a sovereign default and that the Bahraini authorities would not stop AUB repaying its debt following a sovereign...
