S&P reaffirms ABG rating

Manama : Al Baraka Banking Group (ABG) announced that Standard & Poors’ (S&P) had re-reaffirmed ABG’s rating of BB+ (long term) and B (Short term).

Announcing the decision, S&P commented that ABG’s strength was its superior geographic diversification when compared to its peers and the competitive benefits it derives from its status as an Islamic bank. The quality of ABG’s management and clarity of strategy are also seen as positive factors, and so is its granular financing book.

Commenting on the move, the President & Chief Executive of the ABG, Adnan Ahmed Yousif, said that the rating outcome is a testimony to the consistent performance of the Group since many years, with the future looking positive.

Al Baraka Banking Group is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited.