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Rakbank foreign currency rating up
ABU DHABI - Capital Intelligence has raised the foreign currency long-term rating of Rakbank to A- from BBB+. The support rating was raised to 2 from 3. The upgrade follows a re-assessment of the ability and willingness of the UAE authorities to provide support if necessary.
The likelihood of official support takes into account, recent improvements in sovereign creditworthiness and Capital Intelligence’s expectation that the government of Abu Dhabi would ultimately be willing to help distressed financial institutions owned by the federal or local governments, should the need arise. Rakbank’s foreign currency short-term rating is affirmed at A2 and the financial strength rating at BBB+. All ratings have a stable outlook.
Rakbank has one of the best managed retail banking businesses among UAE banks.
The bank’s management has established a track record of delivering consistently strong results for several years. Rakbank’s wide interest differential and strong non-interest revenue base contribute to its good profitability. Asset quality is sound, underpinned by good credit management.
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