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Fitch affirms Bank of Sharjah
Fitch Ratings said it affirmed Bank of Sharjah's long-term issuer default rating at BBB+, short-term issuer default rating at F2 and viability rating at BB+.
The outlook is stable.
The ratings reflect the high probability that support would be forthcoming from the United Arab Emirates authorities in case of need, given the strong history of support and the government's 15% stake in the bank, Fitch said.
The ratings also consider the bank's strong capitalization and good liquidity position, the agency said, but also reflect its small franchise, high lending concentrations and weakening asset quality.
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