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Article: Fitch Raises Arab Bank Rating to 'A-'.
- Article from:
- PR Newswire
- Article date:
- March 27, 2006
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Fitch: 'Arab Bank Capital Increase Makes It the Largest Banking Group By Equity in the Arab World'
Shoman Says Upgrade Reflects Confidence in Arab Bank
NEW YORK, March 27 /PRNewswire/ -- Fitch Ratings upgraded Arab Bank's long-term rating from (BBB+) to (A-).
The London based international rating agency also affirmed Arab Bank's other ratings at (F2) for short-term and (B) for individual.
Fitch said the upgrade "reflects improved growth potential for the bank following a substantial rights issue in January 2006, and in the context of favourable economic conditions across most of the bank's core Middle East markets."
"Although ...