Finance House P.J.S.C (FH) announced that it has secured Investment Grade Corporate Credit Ratings of “BBB-” Long-Term and “A3″ Short-Term from Capital Intelligence (CI), the international credit rating agency.
According to CI, “FH’s ratings are supported by a strong capital base, good capital ratios, good liquidity ratios and rising profitability.”
Mohammed Abdulla Alqubaisi, Chairman of Finance House said: “The ratings reflect FH’s strong and stable financial condition, steady and sound growth strategies, robust corporate governance structure, experienced and well-knit senior management team, clearly documented policies & procedures governing all aspects of our business activities as well as the stringent internal enforcement mechanisms in place to ensure adherence.”
T.K Raman, Group CFO, said: “Many of our key counterparties have all along treated FH as an investment grade financial institution, based on their own assessment of our financial strength, sound liquidity position and professional management team. The independent affirmation of this fact by an international credit rating agency such as CI will not only strengthen our existing relationships but will also open doors to many new relationships across the globe.”
It is worthwhile mentioning that FH is one of the very few private sector corporates in the GCC to have secured an investment grade rating from a reputed international credit rating agency.
This announcement comes after the company had earlier reported a robust net profit of AED 83.7 million for 2013, which is 15.9% higher than the previous year, with a cash dividend recommendation of 25% subject to regulatory approvals.