United Arab Bank – Outlook Revised to Positive ; All Other Ratings Affirmed
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Ref: AE020 2 2 CRA 00- 0 1 4 July 202 3
United Arab Bank – Outlook Revised to Positive ; All Other Ratings Affirmed
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook for the Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) of United Arab Bank (UAB) to Positive from Stable. At the same time , CI Ratings has affirmed the Bank’s LT FCR and Short-Term (ST) FCR of ‘BBB’ and ‘A2’, respectively . UAB’s BSR of ‘bb+’, Core Financial Strength ( CFS ) rating of ‘bb-’ and Extraordinary Support Level (ESL) of High have also been affirmed .
The upward revision of the Outlook is driven by the steady improvement in the Bank’s key financial fundamentals over the last two years and into Q1 23, which we believe are sustainable. The decline in NPLs and improving coverage along with the rise in the Tier 1…