Fitch ups Arab Banking

Fitch Ratings said it upgraded Arab Banking Corp.'s long-term issuer default rating to BB+ from BB and viability rating to BB+ from BB.

The outlook is stable.

The upgrades reflect the bank's strong capitalization, comfortable liquidity position and stable asset quality indicators, Fitch said.

The agency also noted the bank's resilient operating performance, despite significantly challenging external events.

The ratings are sensitive to the ongoing political uncertainty in Libya, as well as the risk of an escalation of political and social unrest in the Middle East and North Africa countries, Fitch said.

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