The American credit rating agency Fitch Ratings has affirmed United Arab Bank’s (UAB) long-term issuer default rating (IDR) at ‘BBB+’ with a stable outlook.
The agency has also confirmed UAB’s viability rating (VR) at ‘b+’, according to a press release.
Moreover, the bank’s short-term IDR has been affirmed as well at ‘F2’, Fitch added.
The bank’s support rating (SR) has been affirmed at ‘2’, while its support rating floor (SRF) has been maintained at ‘BBB+’, the New York-based agency said.
It is worth noting that UAB previously reported that its profits for the first quarter of 2019 had not exceeded AED 21.6 million, compared to AED 35.9 million in Q1-18.