Bahrain-based Al Baraka Banking Group (ABG) announced that Standard & Poors (S&P) reaffirmed ABG’s investment grade long term counterparty credit rating of BBB- / A-3 (Short Term) with a negative outlook, following its annual review.
S&P have rated ABG as investment grade consistently since it first rating of ABG in 2007. The rating comes as an endorsement of ABG’s strong business model and good geographic diversification across many countries in the GCC and MENA regions, South Africa, the Levant and Asia and on the back of consistent performance and growth over the years ever since its inception.
“The reaffirmation of ABG’s ratings yet again by S&P is a significant achievement, especially as it signifies the inherent strength of ABG as an institution that has shown strong resilience in these times of financial and political uncertainty across the world,” Shaikh Saleh Abdullah Al Kamel, Chairman of the Board of Directors, said.
Adnan Ahmed Yousif, President and Chief Executive of ABG said that he was pleased at ABG being rated yet again as investment grade – a feature that has been consistent since 2007 when ABG’s rating was first done by S&P.
“This clearly indicates the success of ABG’s business model and management even through the various crises that we have witnessed over the past few years across the world and in our region. He thanked the executive management team at the Head Office and the subsidiaries for supporting him in this endeavor.”
Al Baraka Banking Group is a Bahrain Joint Stock Company Licensed as an Islamic Wholesale Bank by Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. The authorized capital of Al Baraka is $1.5 billion, while total equity amounts to about $1.8 billion.