(MENAFN- Editorial) Finance House''s Investment Grade Corporate Credit Ratings at ''A3'' (Short-Term) and ''BBB-'' (Long-Term), both with a stable outlook, were reaffirmed by Capital Intelligence (CI), the internationally acclaimed credit rating agency.
Mohammed Abdulla Alqubaisi, Chairman of Finance House, commented: ''Reaffirmation of our Investment Grade Corporate Credit Ratings with a stable outlook by CI, amidst an ongoing challenging business environment, locally and globally, is indeed a proud achievement for all of us. It is an independent confirmation of the resilience of our business model and execution capabilities, that have delivered consistent results, not only during economic booms, but also under difficult economic conditions.''
He added: ''We remain confident that our targeted business strategies coupled with nimble strategy execution capabilities, will help us to continue making progressive strides, despite challenges caused by COVID-19.''
T.K. Raman, Group Chief Financial Officer, said: ''We are delighted to maintain our Investment Grade Corporate Credit Ratings intact with a stable outlook. The year 2020 has revealed unprecedented challenges that necessitated the adoption and implementation of un-conventional business strategies. We are glad that our efforts in this direction have been acknowledged and reflected in our Investment Corporate Credit Ratings by CI.''
According to CI, the ratings are supported by a strong capital base, satisfactory capital ratios and generally good liquidity ratios that result from a strong deposit base, which continues to largely fund the loan portfolio, despite reliance on borrowed funds having increased. Operating profitability is also good, but a high cost of credit has kept profitability modest at the Net level. The ratings are also supported by a strong and experienced management team comprising seasoned bankers.
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