Brac Bank rated stable by S&P

Brac Bank has been provided a "B+" credit rating with a stable outlook by S&P Global Ratings. 

This is in contrast to a recent "Banking Industry Country Risk Assessment (BICRA) for Bangladesh" seeing a revision in industry risk trend from stable to negative, said a press release.

The US-based institution provided the rating on August 8.

"Brac Bank's established franchise enables it to access foreign currency from its retail remittance and export-oriented clients. This somewhat alleviates the US dollar funding pressure facing the broader banking sector," it said in a statement.

"We believe the bank will navigate challenging operating conditions in Bangladesh and maintain its financial profile over the next 12-18 months," it added.