Abu Dhabi – Mubasher: Fitch Ratings announced it has affirmed the long-term issuer default rating (IDR) of National Bank of Ras Al-Khaimah (RAKBANK), listed on the Abu Dhabi Securities Exchange (ADX), at 'BBB+' with a stable outlook.

The American credit rating agency has also maintained the bank’s viability rating (VR) at 'bb' and its short-term IDR at 'F2', according to a press release.

The bank’s support rating (SR) has been affirmed at '2' and support rating floor (SRF) has been confirmed as well at 'BBB+', the New York-based agency said.

RAKBank previously reported a 32% year-on-year growth in net profits for the first quarter of 2019, recording AED 269.7 million from AED 204 million in Q1-18.

The ADX-listed bank’s operating revenues reached AED 1 billion in Q1-19, up 8% year-on-year.