Fitch establishes credit rating for 14 local banks
Fitch Ratings, the credit rating of 14 local banks in the UAE, including a bank with the agency's second-highest rating, seven banks with the third highest rating, and the rest with the fourth highest rating. Emirates Bank for Development ranked highest among UAE banks, As proved
Fitch Ratings, the credit rating of 14 local banks in the UAE, including a bank with the agency's second highest rating, seven banks with the third highest rating, and the rest of the banks ranked fourth.
Emirates Bank for Development (EIB) was ranked highest among UAE banks, with Fitch ranking at AA, followed by Abu Dhabi Islamic Bank, Emirates Islamic Bank and Al Hilal Bank at A +. Mashreqbank and Arab Bank for Investment and Trade Foreign currency rating at A, Commercial Bank of Dubai and Noor Bank rated A-.
National Bank of Ras Al Khaimah, United Arab Bank, Commercial International Bank, Bank of Sharjah, Sharjah Islamic Bank and Ajman Bank have been rated BBB.
The AA rating indicates that the creditworthiness of the institution is very high, the rating is the second highest rating granted by the agency, while the rating of "A" indicates a high creditworthiness (only), which is the third highest rating granted by the agency, «BBB» to a good creditworthiness, the fourth highest rating granted by the agency.
The state's economic performance will contribute to support and support the banking sector, and government ownership of quotas in a number of banks increases confidence, the agency said in its report.