Bank of Sharjah’s Ratings Lowered; Outlook Remains Stable
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Ref: AE00619 CRA 00- 0 1 1 September 2020
Bank of Sharjah’s Ratings Lowered; Outlook Remains Stable
Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has lowered the Long- Term Foreign Currency Rating (LT FCR) of Bank of Sharjah (BOS) to ‘BBB+’ from ‘A-’ , and affirmed its Short-Term Foreign Currency Rating (ST FCR) at ‘A2’ . BOS’ Bank Standalone Rating (BSR) and Core Financial Strength (CFS) rating have also been lowered to ‘bb+’ and ‘bb-’ , respectively, from ‘bb b-’ and ‘bb’ . T he Outlo ok for all ratings remains Stable .
The downward adjustment s of the LT FCR, the BSR and CFS rating principally reflect the deterioration in the Bank’s financial fundamentals, namely asset quality, profitability and capitalisation. The challenging operating environment in the UAE as a result of the current economic disruptions …