Moody’s changes Sharjah Islamic Bank view

Moody's Investors Service said it affirmed the local and foreign currency long-term and short-term issuer ratings of Sharjah Islamic Bank PJSC at A3/P-2.

In addition, the bank's baseline credit assessment and adjusted baseline credit assessment were affirmed at baa3.

The outlook was changed to negative from stable.

The agency said the change in outlook captures ongoing downward pressure on the solvency profile of the bank.

This reflects weakening core capital buffers, the bank's relatively weak asset risk profile, which is increasingly exposed to higher risk and modest profitability due to margin pressure, low efficiency and volatile core earnings, Moody’s explained.

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