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Ref: AE00319CRA00-01 24 September 2020

Ref: AE00319 CRA00- 0 1 2 4 September 2020

Al Masraf’s 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 at ‘A’ and ‘A1’ , respectively . At the same time, CI R atings 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 Bank’s LT FCR is set three notches above the BSR to reflect our assessment of the external support available to the Bank from the UAE government (sovereign ratings: ‘AA-’/‘A1+’/Stable), a major shareholder. Given Al Masraf’s significant state ownership as well as the government’s track record of supporting the banking system,…