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Fitch affirms Bank of Sharjah's 'BBB+' rating; outlook stable

Fitch affirms Bank of Sharjah's 'BBB+' rating; outlook stable
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Abu Dhabi – Mubasher: Fitch Ratings has affirmed Bank of Sharjah's long-term issuer default rating (IDR) at 'BBB+' for the second year in a row, with a stable outlook.

Affirming Bank of Sharjah's rating reflects the bank's strong market position and franchise that is supported by access to Sharjah-government businesses and projects, according to a press release on Sunday.

Meanwhile, the bank has net liquid assets covering 26% of total customer deposits at the end of the third quarter (Q3) of 2021.

The bank's Group CEO, Varouj Nerguizian, said: "Bank of Sharjah has survived the various financial crises of recent years relatively unscathed. This is a testament to the active involvement of the Bank's board, management, and underlying good governance."