Friday, May 24, 2024

Emirates News Agency – Fitch Ratings upgrades UAE Bank’s sovereign rating (VR) to (B+)

Date:

  • Fitch Ratings upgrades UAE Bank's Rating (VR) to (B+).

Sharjah, April 24 / WAM / United Arab Bank announced that Fitch Ratings Agency, one of the world’s largest credit rating agencies, has affirmed the bank’s long-term credit rating (BBB+). , and raised the Viability Level (VR) rating of the bank to (+b).

Improving capacity rating reflects improvement in business conditions, effectiveness of new strategy, improvement in quality of bank’s assets, protection of non-performing loans, recovery of profitability and stability of its capital.

United Arab Bank CEO Shirish Pitt said: “We believe our rating upgrade is a testament to our commitment to sound financial management, good governance and support for our shareholders and funds.”

He explained that the recent successful issuance of Additional Tier 1 (AT1) financing instruments worth $150 million clearly demonstrates the strength of the Bank’s financial position and the tremendous confidence of our investors in achieving further growth.

“We are moving forward with our strategic and financial plans, which will contribute to the development of the bank and which we expect to have a positive impact on our growth and profitability in the future.”

Reda Abdel Noor / Badol Kashwani

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Nadia Barnett
Nadia Barnett
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