S&P reaffirms Arab Banking Corporation’s ratings

S&P reaffirms Arab Banking Corporation’s ratings

Manama, Bahrain: Arab Banking Corporation announces that Standard & Poor’s (S&P), the international rating agency, has reaffirmed its counterparty credit ratings at BBB+/Stable/A-2. S&P said that the ratings reflect the group’s strong wholesale customer franchise in the Arab world, high support from principal shareholders, good loan quality, and reduced market risk.

Mr. Hassan Juma, President & Chief Executive, commented, “We are pleased with S&P’s reaffirmation of ABC’s ratings. Our bank has demonstrated the resilience of its core earnings stream and the growth of our retail activities despite adverse credit and interbank market conditions and the global economic downturn. Despite these ongoing challenges our strategy is showing good results as demonstrated by ABC’s return to profit in the first quarter of 2009.”

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