Posted by Bob Brunskill
Further signs that the global economic recovery is on its way have come in the form of Fitch Ratings affirming the National Bank of Abu Dhabi's (NBAD) Long-term Issuer Default Rating at AA-.
According to the Global Arab Network, Fitch Ratings' stable outlook is representative of the institution's "strong domestic franchise, consistent profitability, relatively conservative risk profile and low funding costs".
The news provider also claimed that NBAD's close links with the Abu Dhabi government benefit its lending and funding profile.
"Profit generation is boosted by NBAD's low funding costs and a conservative risk profile," the website added.
According to the latest figures from Fitch Ratings, the bank's reserve coverage was strengthened to 158 per cent during 2009 - a figure which was deemed satisfactory.
Meanwhile, Abu Dhabi is continuing to focus its efforts on sustainable development, an issue which is being championed by Rashed Mubarak Al-Hajri, chairman of the department of municipal affairs.