Rakbank – Ratings Raised; Outlook Rev ised to Stable

Ref: AE017 2 2 CRA 00- 0 1 9 August 202 3

Rakbank – Ratings Raised; Outlook Rev ised to Stable

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has raised t he Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of National Bank of Ras Al Khaimah (Rakbank) to ‘A’ and ‘A1’ , respectively, from ‘A-’ and ‘A2’ . Rakbank’s Bank Standalone Rating (BSR) and Core Fi nancial Strength (CFS) rating have both been raised to ‘bbb+’ from ‘bbb’. At the same time, CI Ratings has revised the Outlook for the LT FCR and BSR to Stable from Positive. The Extraordinary Support Level (ESL) of High is affirmed.

The upward revision of the ratings reflects improvements in the Bank’s asset quality metrics and the substantial efforts made by management over the last sever al years to diversify the business base and…