Bank ABC secures upgrade from Fitch to investment grade rating BBB- reflecting continued strategic momentum
Bank ABC (Arab Banking Corporation B.S.C.), a leading international bank headquartered in the Kingdom of Bahrain, is extremely pleased to announce that Fitch Ratings has upgraded its Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+' and its Viability Rating (VR) to 'bbb-' from 'bb+', with the rating outlook as 'Stable.'Fitch has announced the rating upgrade, citing the Bank's strengthened risk profile, diversified international operations and a robust capital and liquidity position. It has also recognised Bank ABC's enhanced asset quality, prudent risk management and strategic rebalancing towards lower-risk markets.Fitch cited the Bank's 'regional corporate franchise and wide geographical diversification' as key strengths, alongside 'well-managed market risks, adequate capitalisation, stable asset quality, funding and liquidity.' The agency also noted the improvement in the Bank's operating environment and resilience of its performance across core markets.Importantly, Fitch has reaffirmed that Bank ABC's rating is not constrained by the sovereign rating of its home market, underscoring the strength and independence of the Bank's international funding profile and offshore liquidity.The rating upgrade also marks the realignment of Bank ABC's ratings as investment grade across both major global agencies, with S&P also maintaining its 'BBB-' rating with Stable outlook.
Commenting on the news, Sael Al Waary, Group Chief Executive Officer of Bank ABC, said: 'This upgrade is a major achievement for Bank ABC and a strong endorsement of the impact of our strategic execution and vision. It further reinforces Bank ABC's strengths, enhances access to a wider investor and funding base and reflects the competitive advantages of our international franchise. We remain committed to maintaining a strong, diversified balance sheet and creating long-term value for all our stakeholders.'
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