Bank ABC (Arab Banking Corporation), a leading international bank based in Bahrain, announced yesterday that Fitch Ratings has upgraded its Long-Term Issuer Default Rating (IDR) to ‘BBB-’ from ‘BB+’ and its Viability Rating (VR) to ‘bbb-’ from ‘bb+’, with a ‘Stable’ outlook.
The upgrade means Bank ABC now holds investment grade ratings from both major global agencies, with S&P also maintaining its ‘BBB-’ rating with a ‘Stable’ outlook .