Fitch reviews First Gulf Bank

Fitch Ratings said it placed First Gulf Bank's long- and short-term issuer default ratings, support rating floor and viability rating on Rating Watch Positive.

The agency also affirmed all support-driven ratings of National Bank of Abu Dhabi PJSC with stable outlooks and placed its viability rating on Rating Watch Negative.

Fitch said the positive watch on First Gulf Bank’s issuer default ratings and support rating floor reflects its view of potentially higher support propensity of the bank by the UAE authorities and the government of Abu Dhabi (AA/stable/F1+) after completion of its merger with National Bank of Abu Dhabi.

The affirmation of National Bank of Abu Dhabi support rating floor at AA-, which is one notch above Abu Dhabi domestic systemically important banks' support rating floor of A+, reflects the bank's current flagship status and high systemic importance in the UAE and Abu Dhabi in particular and Fitch's view that National Bank of Abu Dhabi will retain its importance and status after the merger, the agency said.

© 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.