Sharjah Islamic Bank’s Ratings Affirmed with a Stable Outlook

Sharjah Islamic Bank’s 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 Sharjah Islamic Bank (SIB) at ‘A-’ and ‘A2’, respectively. At the same time, CI Ratings has affirmed SIB ’s B ank Standalone Rating (BSR) of ‘ bbb- ’, Core Financial Strength ( CFS ) rating of ‘bb+ ’ and Extraordinary Support Level ( ESL ) of High. The O utlook for the LT FCR and BSR remains Stable.

SIB’s LT FCR is set three notches above the BSR to reflect the high likelihood of extraordinary support from the government in cas e of need. The UAE government (s overeign rating s : ‘AA-’/‘A1+’/Stable) has demonstrated such support in the past and , in CI’s view , would be able and willing to continue to provide such support in the future, particularly…