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(From MENA Business Reports)
Capital Intelligence, the international emerging markets rating agency, has raised the foreign currency ratings of Mashreqbank to BBB+ long-term and A2 short-term, from BBB and A3 respectively. The financial strength rating was upgraded to A-, from BBB+. The support rating is unchanged at 3 and the outlook reverts to 'Stable' from 'Positive'.
The bank, which is among the oldest domestic banks in the United Arab Emirates (UAE), is majority owned by the wealthy Al-Ghurair family. It has a healthy share of Dubai's corporate banking business and is regarded as a leading provider of retail banking services.
Mashreqbank has …