Fitch affirms First Gulf

Fitch Ratings said it affirmed First Gulf Bank's long-term issuer default rating at A+, short-term issuer default rating at F1, individual rating at C/D, support rating at 1 and support floor at A+.

Ratings reflect probability of support from the United Arab Emirates authorities, Fitch said.

The individual rating reflects profitability, asset quality and local franchise, the agency said.

It also reflects rapid recent loan growth, weakened liquidity and capitalization, volatility in capital ratios, substantial exposure to the UAE property market, concentrations in loans and deposits, and risks inherent in the UAE operating environment, the agency noted.

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