- On 09/06/2020
DUBAI, JUNE 7, 2020: Fitch Ratings (Fitch), a global leading credit rating agency has assigned Arab Bank for Investment & Foreign Trade (Al Masraf) a Long-Term Issuer Default Rating (IDR) of ‘A’ with a stable outlook and a short term IDR of ‘F1’.
Chief Executive Officer, Faisal Galadari stated, “We are delighted to receive an affirmation of ‘A’ rating from Fitch based on the review and this outcome demonstrates the resilience of the bank and attributed to the efficiency of our business strategy and continued confidence bestowed in us from our shareholders.”
He also commented that “despite the challenging operating environment, the bank continues to be cautiously optimistic of its performance and continues to support its customers in line with guidance from the UAE Central Bank’.
In its publication, Fitch stated that Al Masraf’s Long- and Short-Term IDRs, SR and SRF reflect an extremely high probability of support available to the bank from the UAE and Abu Dhabi authorities, if needed.