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National Bank of Fujairah gets investment grade rating

: Tuesday, April 01 - 2014 @ 18:12

The Abu Dhabi Securities Exchange General Index (ADXGI) gained 1.22 per cent to close at 4,954.22 points on Tuesday, April 1. Invest AD, a market outlook published earlier today by Abu Dhabi Investment Company, states: “A number of GCC companies are showing solid underlying growth, and a burst of new projects and investments announced in the UAE Qatar, Oman, Saudi Arabia and Kuwait is likely to contribute positively to liquidity conditions and corporate revenues.” Abu Dhabi National Energy Company gained four per cent to reach AED1.30. National Bank of Fujairah (NBF) dipped 0.47 per cent to AED4.25. Earlier in the day, NBF revealed that it received investment grade rating from international rating agencies, Moody’s and Standard and Poor’s (S&P). Moody’s assigned a Baa1/Prime-2 deposit rating to NBF, with a stable outlook. S&P assigned a BBB+/A-2 rating, with a stable outlook. Ratings highlight the success of NBF’s strategy, customer focus and commitment to sustainable shareholder returns.

Gérard Al-Fil

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Tuesday, April 1- 2014 @ 18:12 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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