Fitch affirms National Bank of Ras Al-Khaimah

Fitch Ratings said it affirmed National Bank of Ras Al-Khaimah's long-term issuer default rating at A- and short-term issuer default rating at F2.

The outlook is stable.

The ratings reflect the high probability of support from the United Arab Emirates' authorities, Fitch said.

The government of Ras Al-Khaimah holds a majority stake in the bank, the agency said, and there is a strong history of support being provided by authorities.

The rating reflects the bank's good performance and satisfactory asset quality and capitalization, the agency said. It also reflects the bank's high cost base, modest size, substantial exposure to the local residential mortgage market and reliance on a small and undiversified operating environment, Fitch said.

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