August 24 2009, Sharjah, UAE: Capital Intelligence, the International Credit Rating Agency, has maintained its foreign currency ratings of United Arab Bank (UAB) at BBB+ long-term and A2 short-term. The long-term rating indicates good credit quality with satisfactory capacity for timely fulfillment of financial obligations. The A2 rating suggests very strong capacity for timely repayment over the short-term. The Financial Strength rating is maintained at BBB.
The ratings are underpinned by CBQ’s ownership, its management control of the Bank and the liquidity support extended by the Federal Government and Central Bank. In addition, UAB’s good asset quality and profitability support the Financial Strength rating. A ‘Stable’ outlook is appended to all the ratings given the Bank’s strong half-year 2009 results.
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