National Bank of Fujairah – 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 National Bank of Fujairah (NBF or the Bank) at ‘A-’ and ‘A2’, respectively. At the same time, CI Ratings has affirmed NBF’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 two notches above the BSR to reflect the Bank’s ESL of High. CI expects the Bank to receive support from the UAE government (sovereign ratings: ‘AA-’/‘A1+’/Stable) in case of need. The government has demonstrated such support in the past and, in CI’s view, has the means and the willingness to continue to do so in the future. The Bank can also expect support from the government of Fujairah.

NBF’s BSR is derived from a CFS rating of ‘bbb’ and an…