UAE - Mubasher: S&P Global Ratings has assigned Emirates Development Bank (EDB), fully owned by the UAE federal government, 'AA-' long-term issuer credit rating, with a stable outlook, the Emirates News Agency (WAM) reported.

The bank has also been assigned a ‘gcAAA’ long-term GCC regional scale rating.

The rating reflects EDB’s strategy to support the UAE’s economic diversification plan by helping individuals, small and medium-sized enterprises (SMEs), and corporates, namely in the industrial sector, and promoting innovative technologies.

The rating agency assessed EDB’s capitalisation as very strong, which enables the bank to prepare for expected rapid lending growth.

Meanwhile, the stable outlook shows the bank's position for growth amid its commitment to maintaining robust capitalisation.

The Minister of Industry and Advanced Technology and Chairman of the EDB, Sultan Ahmed Al Jaber, said: "The ratings play a very important step for EDB’s future strategy and aspirations. This rating also reinforces the bank’s position and ability to mobilise financial resources and expand its services in the field of funding and loans."

Meanwhile, the CEO of EDB, Ahmed Mohamed Al Naqbi, commented: "The ratings are a major milestone and recognition of EDB’s strong financial profile as well as an endorsement of its prudent future growth plans and sound risk management practices."