August 14, 2022

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S&P confirms ratings of 5 UAE banks

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Standard & Poor’s (S&P) has confirmed its credit rating for five banks in the United Arab Emirates, according to a report released yesterday.

In its report, the company expects the UAE economy to continue to recover in 2022 from the effects of the “Kovit 19” epidemic, due to rising global oil prices and policies supporting the national economy. The government of the United Arab Emirates and the continuation of non-oil economic activity in the country, for the process of returning to normalcy, existed before the outbreak of the epidemic.

The S&P report said that the banking sector in the UAE would benefit from expected interest rates by 2022, after which there would be no major disruption to the ability of companies and individuals to meet their financial obligations.

The report confirmed that UAE banks enjoy strong financial files in light of the stability of public and government-owned deposits. The report expects state-owned banks to succeed in curbing further deterioration in the quality of their assets in the new year, as regulatory measures taken by banks have helped to withstand the effects of the epidemic, such as an increase in cases. Non-payment of debts.

He said Abu Dhabi Commercial was one of the five banks whose credit rating was set by S&P with a consistent outlook, with the agency giving it two rating “A” for its long-term credit rating and “A-1” for its short-term rating. First Abu Dhabi, Credit ratings for “AA-” and “A-1 +,” “Al Mashreq”, and two ratings for “A-” and “A-2 credit ratings”, and “Fujairah National” . The credit rating is “BBB”, “A-2” and “Sharjah Islamic”. 2 “.

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The report said its credit rating for “First Abu Dhabi” reflects its position as the country’s largest bank and its strategic role in the Abu Dhabi government.

The report expects Abu Dhabi Bank’s capitalization to be strong in the next 12 to 24 months.

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