Fitch affirms Dubai Islamic Bank

Fitch Ratings said it affirmed Dubai Islamic Bank's long-term issuer default rating at A with a stable outlook and viability rating at bb+.

The agency said the ratings reflect an extremely high probability of support available to the bank from the United Arab Emirates authorities if needed.

Fitch said its view of support factors in the sovereign's strong capacity to support the banking system, sustained by sovereign wealth funds and on-going revenues mostly from hydrocarbon production, despite lower oil prices, and the moderate size of the United Arab Emirates banking sector relative to the country's GDP.

The agency also said expects high willingness from the authorities to support the banking sector.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.