Rakbank’s Ratings Affirmed with a Stable Outlook
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Ref: AE01719 CRA 00- 0 1 12 August 2020
Rakbank’s Ratings Affirmed with a Stable Outlook
Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed the Long-Term Foreign C urrency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of National Bank of Ras Al Khaimah ( Rakbank ) at ‘A-’ and ‘A2 ’ , respectively. At the same time, CI Ratings has affirmed Rakbank’s Ban k 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 remains Stable .
Rakbank’s LT FCR is set two notches above the BS R of ‘bbb’ to reflect the h igh likelihood of extraordinary support from the UAE gove rnment in case of need. The government (sovereign ratings: ‘AA-’/‘A1+’/Stable) has demonstrated such support in the past and , in CI’s…