S&P raises Mashreqbank

S&P said it upgraded its long-term ratings on United Arab Emirates-based Mashreqbank to A from A- on the sovereign’s stronger capacity to support systemic banks.

“Operating conditions improved in the UAE, which in turn will support relatively strong economic growth prospects despite the recently announced OPEC+ oil production cuts. We expect broad-based reforms will foster non-oil growth sectors and contribute to strong fiscal and external positions,” S&P said in a press release.

The agency noted, “We now rate Mashreqbank's long-term rating three notches higher than its stand-alone credit profile (SACP) on stronger government support.”

The outlook remains stable.

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