Al Masraf – Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Al Masraf (or the Bank) at ‘A’ and ‘A1’, respectively. At the same time, CI Ratings has affirmed Al Masraf’s Bank Standalone Rating (BSR) of ‘bbb’, Core Financial Strength (CFS) rating of ‘bbb-’ and Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR is Stable.

The LT FCR is set three notches above the BSR to reflect our assessment of the high extraordinary support available to the Bank from the UAE government (sovereign ratings: ‘AA‑’/‘A1+’/Stable), a major shareholder. The government also has a strong track record of supporting the banking system.

The Bank’s BSR is derived from a CFS rating of ‘bbb-’ and an Operating Environment Risk Anchor (OPERA) of ‘bbb’. The CFS reflects the Bank’s solid operating profitability, strong…