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Capital Intelligence commented in its report that these rating actions were driven by ABC's "sound loan quality"; "improving net interest income and fee and commission income"; "strong regional wholesale and project finance franchise"; and its "exceptionally supportive sovereign shareholders".
Commenting on this, Mr. Hassan A. Juma, President & Chief Executive of ABC said:
"The ratings affirmation and support rating upgrade by Capital Intelligence reflect the increasing strength and value seen in ABC's franchise, despite the setbacks that have occurred over the past year as a result of the credit crunch and the associated deterioration of international financial markets. ABC's shareholders demonstrated their full support in the speedy conclusion of the $1.11bn capital increase through a priority rights issue, completed in June 2008. ABC's core businesses - project and structured finance, trade finance and forfaiting, Islamic banking, corporate and institutional banking, retail and small business banking, and treasury activities - continue to demonstrate their profitability and vigour."
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Posted by Eman Hassan
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