Fitch affirms Mashreqbank

Fitch Ratings said it affirmed Mashreqbank's long-term issuer default rating at A and short-term issuer default rating at F1.

The outlook is stable.

The agency said it has concerns about the bank's deteriorating asset quality owing to its substantial exposures to the troubled Saudi groups, Saad and Al Gosaibi, which are now impaired.

The ratings also reflect the high probability of support available to the bank from the United Arab Emirates federal authorities in case of need, given its systemic importance and the Central Bank's strong history of support, Fitch said.

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