Fitch Ratings has assigned United Arab Emirates (UAE)-based Mashreqbank A- rating to the senior unsecured debt and BBB+ to the subordinated debt under its upcoming $750 million Euro Medium-Term Note (EMTN) Program.
Fitch emphasizes that the ratings are for the general program; it cannot be assumed that each individual issue under the program carries the applicable program rating. In the case of indexed notes it is possible that the rating might deviate from the program rating.
Mashreqbank is one of the oldest and largest wholly-owned private bank operating in the UAE. It is majority-owned by the Al-Ghurairs, a prominent business family in the UAE with diverse commercial interests. The bank's historical focus has been trade finance, and, since 1985, it has built up a leading position in the UAE retail market.
The bank’s management has focused on broadening the bank's product range, investing in alternative distribution channels and centralizing and reorganizing operations to achieve efficiency and productivity gains. It operates through a domestic network of 34 branches, including representation in all seven Emirates. International operations are focused on regional and Gulf Co-operation Council (GCC) countries. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
