...Institutional Support-Driven IDR: Ahli United Bank (UK) PLC's (AUBUK) Issuer Default Ratings (IDRs) and Support Rating reflect Fitch Ratings' expectation of a high probability of support from its parent, Bahrain-based Ahli United Bank BSC (AUB; BBB+/Stable), and ultimately from AUB's main shareholder, the Public Institution for Social Security (PIfSS), an arm of the State of Kuwait (AA/Stable). PIfSS owns 17.8% of AUB, which wholly owns AUBUK. Core Subsidiary of AUB: Fitch considers AUBUK a core subsidiary of AUB; therefore, AUBUK's IDRs reflect those of its parent. AUBUK is 100% owned by AUB and is the group's sole operation outside the Middle East. Limited Franchise Constrains VR: AUBUK's company profile constrains the bank's VR, reflecting its limited UK franchise and relatively small size. The business model is stable, but remains narrow, with a focus primarily on the UK property market. Strong Management: AUBUK has a long track record as a specialist property lender, with a large residential...
