The continuing strong financial performance, solid asset quality, and good liquidity are the principal rating drivers supporting the upgrade.
The outlook for the foreign currency long term and financial strength ratings revert to Stable from Positive.
The foreign currency short-term rating remains unchanged at A1.
The bank ranks among the larger commercial banks in the UAE, with total assets of $23.5bn at end 2007.
Mashreqbank, with its multiple revenue streams, has one of the best diversified domestic businesses among local banks.
Substantial investments in risk management systems over the years and good credit policies have led to sound loan quality.
The bank's high net interest and non-interest revenues and its low risk charge underpin its strong profitability.
Its liquidity ratios are robust. Although the capital ratio declined in Q1 2008 with the growth in risk assets, it remains at a satisfactory level.
Mashreqbank continues to perform well this year with good growth in net interest income, fees and commissions likely to generate strong net returns.
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Capital Intelligence raises Mashreqbank to A+
- United Arab Emirates: Wednesday, June 18 - 2008 at 13:33
- PRESS RELEASE
Capital Intelligence, the international rating agency, announced that it has raised the long-term and financial strength ratings of Mashreqbank to A+ from A.
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Posted by Lara Lynn Golden, News EditorWednesday, June 18 - 2008 at 13:33 UAE local time (GMT+4)
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