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S&P upgrades Dubai's Mashreqbank, citing strong local franchise

S&P Global Ratings on June 7 upgraded to A- from BBB+ the long-term issuer credit rating of Dubai-based Mashreqbank PSC, with a stable outlook.

The rating agency said the upgrade reflects its assessment that Mashreqbank is a highly systemically important lender in the United Arab Emirates, increasing the likelihood of government support in case of need.

The bank's ratings continue to reflect its well-established local franchise, diversified revenue generation and healthy operating revenues, S&P said, adding that the stable outlook reflects its expectation that Mashreqbank's business and financial profile will generally remain unchanged over the next 12 to 24 months.

Mashreqbank's short-term rating was affirmed at A-2.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.