Fitch rates National Bank of Umm Al-Qaiwain BBB+

Fitch Ratings said it assigned National Bank of Umm Al-Qaiwain a long-term issuer default rating of BBB+, short-term issuer default rating of F2, individual rating of C/D and support rating of 2. The support rating floor is BBB+.

The outlook is stable.

The ratings reflect the high probability of support from the United Arab Emirates authorities should it ever be required, based on the government of Umm Al-Qaiwain's 30% stake in the bank and strong history of support, the agency said.

The rating also considers the bank's small franchise, rapid loan growth from a fairly concentrated portfolio and income statement volatility, Fitch added.

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