Rakbank’s Ratings Affirmed with a Positive Outlook
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Summary
Ref: AE017 2 1 CRA 00- 0 1 9 August 202 2
Rakbank’s Ratings Affirmed with a Positive Outlook
Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has revised the Outlook for the Long-Term Foreign C urrency Rating (LT FCR) and the Bank Standalone Rating (BSR) of National Bank of Ras Al Khaimah (Rakbank) to Positive from Stable . At the same time, CI Ratings has affirmed Rakbank’s LT FCR and Short-Term Foreign Currency Rating (ST FCR) at ‘A-’ and ‘A2’, respectively . Rakbank’s BSR of ‘bbb ’ , Core Fi nancial Strength (CFS) rating of ‘bbb’ and Extraordinary Support Level (ESL) of High have also been affirmed.
The revision of the Outlook for the LT FCR and the BSR to Positive reflects recent improvements in the Bank’s asset quality metrics and the substantial efforts made by management over the last several years to diversify the Bank’s business…