ABC ratings boost


01/03/2012 09:41 AST  Gulf Daily News

Fitch Ratings has upgraded Arab Banking Corporation's (ABC) long-term issuer default rating to BB+ from BB and viability rating to bb+ from bb.

The outlook on the long-term issuer default rating is stable.

The upgrades reflect ABC's strong capitalisation, comfortable liquidity position and stable asset quality indicators.

Fitch also notes ABC's resilient operating performance, including in 2011, despite significantly challenging external events.

Fitch considers it likely that one of the bank's main shareholders, the Kuwait Investment Authority, will support ABC if required while the agency also believes that the bank's majority shareholder, the Central Bank of Libya (CBL), will be willing to support ABC, the CBL's ability to do so cannot be assessed in the absence of a rating on the Libyan sovereign.

ABC's ratings are sensitive to the ongoing political uncertainty in Libya, as well as the risk of an escalation of political and social unrest in the Middle East and North Africa countries in which ABC has a presence.

Arab Banking Corporation - ABC
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP
Most Viewed Companies
Ticker Price Volume
SPIMACO 50.5 331,395
RIBL 21 1,144,502
EMAAR 11.45 17,903,341
MESC 19.25 239,095
ALKHODARI 64 381,523
EEC 90.25 530,632
JULPHAR 3.05 330,000
Recent News

Saudi Arabia, UAE sustain economic growth
There is sustained economic growth in the UAE and Saudi Arabia, as compared to other countries in the MENA region, the latest Crédit Agricole Private Banking research report ‘Macro Comment – Eastern

GCCIA joins GO-15 power grid
The GCC Interconnection Authority (GCCIA) yesterday officially announced that it had joined the GO-15 Reliable and Sustainable Power Grids, which represents 80 percent of total global demand on elect

Saudi Arabia ranks 19th globally in creating a competitive ICT market
The Kingdom of Saudi Arabia ranks 19th in terms of creating a competitive market, affordable services and excellent quality of service thanks to the country’s significant investment into ICT, Huawei

Arabian MEP wins Infrastructure Project award
Arabian MEP, a Grade – A Qatari Engineering Services Contractor, has been announced as the winner of ‘Infrastructure Project of the Year Award’ by Construction Week for it’s extensive experience and

Saudi economy to expand 4.3 % in 2015
Gulf Arab economies are likely to grow slightly faster in 2015, propped up by strong private business activity despite further falls in oil prices, a Reuters poll of analysts showed on Monday.
<

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?