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MashreqBank's ratings downgraded
- United Arab Emirates: Thursday, December 31 - 2009 at 09:19
International credit rating agency, Capital Intelligence, has reduced the foreign currency long-term rating and the financial strength rating of Dubai-based lender MashreqBank from 'A+' to 'A-'. 'The downgrade was due to the increase in non-performing loans (NPLs) this year (reflecting the classification of exposures to the Saad and Al Gosaibi groups and higher retail bad debts) and the declining NPL coverage ratio,' CI said in a statement. The rating agency has maintained the bank's short-term foreign currency rating at 'A1', while the support rating is unchanged at 3.
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StaffThursday, December 31 - 2009 at 09:19 UAE local time (GMT+4)
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