Rakbank ’s Ratings Affirmed with a Stable Outlook

Ref: AE017 2 3 CRA 00- 0 1 1 August 202 4

Rakbank ’s Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed 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) at ‘A’ and ‘A1’ , respectively. At the same time , CI Ratings has affirmed Rakbank’s Bank Standalone Rating (BSR) and Core Financial Strength (CFS) rating at ‘bbb+’ . T he Outlook for the LT FCR and BSR is Stable . The Extraordinary Support Level (ESL) of High is affirmed.

Rakbank’s LT FCR is set two notches above the BSR to reflect the high likelihood of extraordinary support from the UAE government in case of need. The UAE government (sovereign ratings: ‘AA-’/‘A1+’/Stable) has demonstrated such support in the past and, in CI’s view, has the…