Fitch cuts UAE banks

Fitch Ratings said it downgraded the long-term issuer default ratings of several United Arab Emirates-based financial institutions reflecting a view that the ability of the sovereign UAE Federal Authorities and the Emirate of Dubai to provide support has lessened.

Abu Dhabi Islamic Bank's long-term issuer default rating was affirmed at A+, senior unsecured debt at A+, subordinated debt at A and short-term issuer default rating at F1;

Bank of Sharjah's long-term issuer default rating was downgraded to BBB+ from A- and its short-term issuer default rating was affirmed at F2;

Commercial Bank of Dubai's long-term issuer default rating was downgraded to A- from A and its short-term issuer default rating to F2 from F1;

Dubai Bank's long-term issuer default rating was downgraded to BBB+ from A-, senior unsecured debt to BBB+ from A- and its short-term issuer default rating was affirmed at F2;

Emirates Bank International's long-term issuer default rating was downgraded to A+ from AA-, senior unsecured debt to A+ from AA, subordinated debt to A from A+, commercial paper to F1 from F1+ and short-term issuer default rating to F1 from F1+;

First Gulf Bank's long-term issuer default rating was affirmed at A+, senior unsecured debt at A+, subordinated debt at A and short-term issuer default rating at F1;

HSBC Middle East's long-term issuer default rating was affirmed at AA-, senior unsecured debt at AA-, subordinated debt at A+ and short-term issuer default rating at F1+;

Mashreqbank's long-term issuer default rating was downgraded to A from A+, senior unsecured debt to A from A+, subordinated debt to A- from A and its short-term issuer default rating was affirmed at F1;

National Bank of Abu Dhabi's long-term issuer default rating was affirmed at AA-, senior unsecured debt at AA-, commercial paper rating at F1+ and short-term issuer default rating at F1+;

National Bank of Ras Al-Khaimah's long-term issuer default rating was downgraded to BBB+ from A-, senior unsecured debt to BBB+ from A- and its short-term issuer default rating was affirmed at F2;

National Bank of Umm Al-Qaiwain's long-term issuer default rating was affirmed at BBB+ and its short-term issuer default rating was affirmed at F2;

Tamweel's long-term issuer default rating was downgraded to BBB from A and remains on Rating Watch evolving, senior unsecured debt to BBB from A, short-term issuer default rating to F3 from F1 and remains on Rating Watch evolving; and

Union National Bank's long-term issuer default rating was affirmed at A+, senior unsecured debt at A+ and short-term issuer default rating at F1.

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