Fitch Affirms Bank ABC’s BBB- Credit Ratings With a Stable Outlook

Fitch Ratings announced On 3 November 2017 that it has affirmed the Long-Term Issuer Default Rating (IDR) of Bank ABC at BBB- with a stable outlook. ABC's Long-Term IDR is driven by the Bank's standalone strength, as reflected by the Viability Rating (VR), which was also affirmed at bbb-.

According to Fitch, the rating action reflects its view of the potential and historical institutional support from ABC’s founding shareholders, the Bank's good fundamental credit quality, the expected prospects for its ongoing viability and its reasonably stable financial metrics.

Fitch also is of the opinion that Bank ABC has a competent management team that is experienced in regional and international banking, showing strong implementation of the Bank’s strategic plans.

Moreover, ABC’s ratings are not constrained by the Bahrain Country Ceiling. Indeed, the majority of ABC’s assets and liabilities are outside of Bahrain as Fitch stated.

Group Chief Executive Officer of Bank ABC, Dr. Khaled Kawan, commented on the rating affirmation: “We welcome this well-earned confirmation. It speaks directly to our continuing prudent risk management and ongoing efforts to adjust our business model to respond to a deeply changing industry.”

Dr. Kawan added, “We will continue to leverage our unique footprint, strong capital and global product and service offering to better attend to the needs of our clients and deliver sound and strong performance to our Shareholders.”

Bank ABC is a leading player in the region’s banking industry and provides innovative wholesale financial products and services that include corporate banking, trade finance, project and structured finance, syndications, treasury and financial markets products and Islamic banking. It also provides retail-banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria.