Mubasher: Capital Intelligence (CI) has affirmed the long-term foreign currency rating (LT FCR) of Al Imtiaz Investment Group at ‘BBB’, with a ‘Positive’ outlook.

The group’s short-term foreign currency rating (ST FCR) was affirmed at 'A3', according to a bourse statement on Sunday.

The ratings and the positive outlook were backed by the adequate level of the firm’s debt and financial leverage ratio in addition to the successful application of the group’s secondary asset delisting programme, which is mostly completed.

The rating also reflects the group’s diversified activities as well as the continued growing net profit at the level of the consolidated financial statements of the subsidiaries and sister companies. It further highlights the good coverage ratio for the short-term liabilities with no restrictions on assets.

The group may conclude selling and existing deals where the work value and size may change automatically, the agency added.