- On 04/04/2019
Fitch Ratings, a global leading credit rating agency has assigned Arab Bank for Investment & Foreign Trade (Al Masraf) a Long-Term Issuer Default Rating (IDR) of ‘A’ with a stable outlook and a short term IDR of ‘F1’.
Chief Executive Officer, Faisal Galadari stated, “We are happy to receive ‘A’ rating from Fitch based on the review and this outcome is attributed to the efficiency of our business strategy that supports the banks objectives of quality & sustainable growth as well as support and confidence bestowed in us from our shareholders.”
He also commented that “The financial performance of Bank and its ability to achieve continuous growth, despite the challenging and competitive environment prevailing in the market is a clear evidence of its distinguished performance and we continue to strive to become an innovative and preferred financial partner for all banking services in the region in line with banks vision.
In its publication, Fitch stated that the rating is based on Fitch’s view of support factors in the sovereign’s strong capacity to support the banking system, sustained by its sovereign wealth funds and on-going revenue mostly from hydrocarbon production, despite lower oil prices.