Fitch affirms First Gulf Bank

Fitch Ratings said it affirmed First Gulf Bank's long-term issuer default rating at A+ with a stable outlook.

The ratings reflect an extremely high probability of support from the UAE authorities, given the authorities' long record of support and the bank's importance to the UAE banking system, according to the agency.

In addition, the bank also would have support from the Abu Dhabi government (AA/stable/F1+), which has injected hybrid capital into the leading Abu Dhabi banks, the agency noted.

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