Abu Dhabi – Mubasher: Moody's Investors Service on Monday said it has affirmed Sharjah Islamic Bank’s (SIB) local and foreign currency long-term at A3, changing the outlook to negative from stable.

The US-based credit rating agency has also affirmed the short-term issuer ratings of SIB at P-2, according to a press release.

Moreover, the lender's baseline credit assessment (BCA) and adjusted BCA were also maintained at baa3, Moody’s added.

“Moody's affirmation reflects SIB's satisfactory liquidity profile and continued expectation of a very high probability of support from the UAE government (Aa2, stable outlook),” the American agency indicated.

The bank’s long-term counterparty risk ratings were confirmed at A2 and the short-term counterparty risk ratings were maintained at P-1.

Moody’s has affirmed SIB’s long-term counterparty risk Assessment at affirmed A2(cr) and confirmed its short-term counterparty risk assessment at P-1(cr).

The agency has also affirmed the bank’s senior unsecured regular bond/debenture assigned to SIB Sukuk Company III Limited, SIB’s wholly-owned subsidiary, at A3 and maintained the senior unsecured medium-term note programme at (P)A3.

Last week, the New York-based credit rating agency Fitch Ratings announced it had affirmed the long-term issuer default rating (IDR) of SIB at 'BBB+' with a stable outlook.

Fitch also confirmed the bank’s viability rating (VR) at 'bb+' and its short-term IDR at 'F2'.