United Arab Bank – LT FCR and B SR Raised; Outlook is Revised to Stable

Ref: AE020 2 3 CRA 00- 0 1 2 July 202 4

United Arab Bank – LT FCR and B SR Raised; Outlook is Revised to Stable

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has raised United Arab Bank’s (UAB) Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) to ‘BBB+’ and ‘bbb-’ , respectively , from ‘BBB’ and ‘bb+’. At the same time, CI Ratings has affirmed the Bank’s Short-Term Foreign Currency Rating (ST FCR) at ‘A2’. The Outlook for the LT FCR and BSR is revised to Stable from Positive. CI Ratings has also raised UAB’s Core Financial Strength (CFS) rat ing to ‘bb’ from ‘bb-’ . The Extraordinary Support Level ( ESL ) of High is affirmed.

The upward revision of the LT FCR an d BSR reflects the improvement in the Bank’s key financial fundamentals over the last two years which we believe is sustainable. …