Arab Bank Australia made its one and only bond issue in the domestic market in February, when it raised A$200 million for three years under an Australian government guarantee. Given this, investors may not be overly interested in rating actions on the parent, Arab Bank, but for the record, Fitch Ratings affirmed the 'A-/F1' long- and short-term issuer default ratings and 'B' individual rating assigned to the bank. The outlook is stable.The group is geographically diversified, with over 80 per cent of consolidated assets outside the Kingdom of Jordan, where Arab Bank is based. The bank's equity is also widely spread, with around 37 per cent held in Switzerland. This provides some insulation from sovereign risks in Jordan, where 13 per cent of the equity is held, and the Middle East. Fitch affirmed its 'AAA' and 'AA-'ratings on the Class A2 and Class B tranches of notes issued by HBS Trust 2003-1 and similarly affirmed the same ratings on the Class A and Class B tranches of notes issued by HBS Trust 2004-1.