Mashreqbank – Ratings Affirmed with a Stable Outlook

Ref: AE005 2 2 CRA00- 0 1 31 May 202 3

Mashreqbank – Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed the Long-Term Foreign Currency Ratin g (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Mashreqbank (MB) at ‘A’ and ‘A1’ , respectively. At the same time, CI Ratings has affirmed MB’s Bank Standal one Rating (BSR) of ‘bbb’ , Core Fi nancial Strength (CFS) rating of ‘bbb’ , and Extraordinary Support Level (ESL) of High . The O utlook for the LT FCR and BSR remains Stable .

MB’s LT FCR is set three notches above the BSR to reflect the high likelihood of support from the government in case of need. The UA E government (Sovereign Rating s : ‘AA-’/‘A1+’/Stable) has demonstrated support in the past and CI considers it has the ability and willingness to continue to provide such support in the future.

The…