Download PDF
Click the icon to download

Content is restricted

Summary

Ref: AE01223CRA00-01 08 November 2023

Ref: AE012 2 3 CRA00- 01 6 November 20 2 4

Invest Bank’s Ratings Affirmed

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 Invest Bank (IB) at ‘BBB-’ and ‘A3’ , respectively. At the same time, CI Ratings has affirmed IB’s Bank Standalone Rating (BSR) of ‘bb-’, Core Financial Strength (CFS) rating of ‘b’ , and Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR is Stable.

While we acknowledge the improvement in IB’s asset quality and profitability in H1 24, these parameters are still weak . T herefore the LT FCR, which is set three notches above the BSR, remains substantially underpinned by the high likelihood of assistance in the event of need from the UAE government (sovereign ratings: ‘AA-’/‘A1+’/Stable)…