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Fitch ups Tamweel
Fitch Ratings said it upgraded Tamweel PJSC's long-term issuer default rating to BBB- from BB and short-term issuer default rating to F3 from B.
The outlook is stable.
The upgrade resolves a Rating Watch positive that began in September 2010 following Dubai Islamic Bank acquiring a controlling interest in the company by raising its stake in Tamweel to 58.25% from 20.77%, Fitch said.
The company is now a subsidiary of Dubai Islamic Bank.
This transaction has removed the uncertainty over Tamweel's ownership and business model and concluded a Dubai-government led solution for the company, the agency said.
The ratings are driven by the high probability of support from its majority shareholder, Dubai Islamic Bank, Fitch said.
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