The Standard & Poor's World Credit Classification Agency grant Emirates Development Bank, AA-long-term classification with a stable futuristic look, and the bank also got a long-term GCAAA rating at the GCC regional level.
The Emirates News Agency strengthens this new strategic vision of Emirates Development Bank, which aims to support the economic diversification plans in the country by enabling individuals, small and medium enterprises and major companies in priority sectors, as well as developing innovative technologies to build an knowledge-based economy. / p>
The Standard & Poor's comes shortly after installing the Fitch Classified for Emirates Development Bank at AA-with a stable future last month, as well as the bank acquires a similar classification from the Fitch agency in May 2021.
These classification confirm the Emirates Bank for Development, which qualifies him to achieve rapid growth in lending and funding. The Stable Outlook also reflects the Agency's trust in the credit situation of the UAE's federal government. The agency believes that the bank is eligible for growth given its commitment to maintaining a strong capital thanks to government support.
He said, His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, chairman of the Emirates Bank for Development, said that this classification supports the plans of the Strategic Bank aimed at contributing to a pivotal role in the economic diversification of the UAE to implement them in line with the vision of good leadership. AA - from Standard & Poor's and Vitch is a very important step for Emirates Development Bank, especially as they are in line with its future strategy and aspects.
For his part. We are proud of this outstanding achievement that has been achieved without strong support received from our customers, partners and other stakeholders.
In their evaluation reports, Standard & Poor's and Agence Fitch took the Emirates Development Bank could receive political support from the federal government in line with its new strategy to support economic development in priority sectors, strong capitalism and access to many sources of funding and liquidity.
