VIS Reaffirms Entity Ratings of Bank Alfalah Limited

By MG News | July 02, 2019 at 02:58 PM GMT+05:00

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July 2, 2019 (MLN): VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Bank Alfalah Limited (BAFL) at ‘AA+/A-1+’ (Double A Plus/A-One Plus) while rating of BAFL’s Basel 3 Tier-1 debt instrument has also been reaffirmed at ‘AA-’ (Double A Minus).

The outlook on the assigned ratings is ‘Stable’.

According to a press release issued on this occasion, the ratings assigned to BAFL take into account an element of potential sponsor support, given that majority shareholding is held by the Abu Dhabi Group, which is a diversified business conglomerate owned by the Abu Dhabi Royal Family.

Furthermore, the ratings reflect BAFL’s established franchise in the domestic market, as well the bank’s overseas operations - situated in Bangladesh, Afghanistan, Bahrain and United Arab Emirates - which contributed 8.6% of the bank’s pre-tax profits in 2018 (2017: 7.2%).

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