Abu Dhabi - Mubasher: The New York-based credit rating agency Fitch Ratings announced it has affirmed Bank of Sharjah's (BOS) long-term issuer default rating (IDR) at 'BBB+' with a stable outlook.
The agency has also confirmed BOS’s viability rating (VR) at 'bb-', according to a press release.
The bank’s short-term IDR has been affirmed at 'F2' and its support rating (SR) has been maintained at '2', Fitch Rating said.
Moreover, the American agency has also affirmed the support rating floor of BOS at 'BBB+'.
The senior unsecured notes issued by BOS Funding Limited, a wholly-owned subsidiary of BOS, has been affirmed at 'BBB+' in line with the bank's long-term IDRs.
It is worth noting that BOS reported a net profit of AED 352 million for full-year 2018, up 33% from AED 265 million in 2017.
