Fitch Ratings has affirmed Bank of Sharjah’s long-term issuer default rating (IDR) at ‘BBB+’ for the second year in a row, with a stable outlook.
Affirming Bank of Sharjah’s rating reflects the bank’s strong market position and franchise that is supported by access to Sharjah-government businesses and projects, according to a press release on Sunday.
Meanwhile, the bank has net liquid assets covering 26% of total customer deposits at the end of the third quarter (Q3) of 2021.
The bank’s Group CEO, Varouj Nerguizian, said: “Bank of Sharjah has survived the various financial crises of recent years relatively unscathed. This is a testament to the active involvement of the Bank’s board, management, and underlying good governance.”