Dubai – Mubasher: The American credit rating agency Fitch Ratings announced it has affirmed Ajman Bank’s long-term issuer default rating (IDR) at 'BBB+', with a stable outlook.
The New York-based agency has also maintained Ajman Bank’s viability rating (VR) at 'b+', according to a press release.
The bank’s short-term IDR has been maintained at 'F2' and its support rating (SR) has been affirmed at '2', Fitch Rating said.
Moreover, Fitch confirmed the bank’s support rating floor (SRF) at 'BBB+'.
The agency projected Ajman's net financing margin to maintain lagging behind peers', pressured by its limited pricing power and franchise.
It is worth noting that Ajman Bank, listed on the Dubai Financial Market (DFM), previously reported a 26% year-on-year growth in its profits for the first quarter of 2019, recording AED 42.84 million from AED 34 million in Q1-18.
