Fitch Affirms SIB at BBB+


Observer Report


Fitch Ratings has affirmed UAE-based Sharjah Islamic Bank’s (SIB) Long-Term IDR at ‘BBB+’ with a Stable Outlook and Viability Rating (VR) at ‘bb+’. A full list of rating actions is below. SIB’s IDRs, SR and SRF reflect a high probability of support available to the bank from the UAE authorities if needed. Fitch’s view of support factors in the sovereign’s strong ability to support the banking system, sustained by sovereign wealth funds and recurring revenue, mostly from hydrocarbon production.