Fitch affirms Emirates Islamic Bank

Fitch Ratings said it affirmed Emirates Islamic Bank's long-term issuer default rating at A+ with stable outlook and viability rating at bb-.

The agency said the ratings reflect a view that the bank is a key and integral subsidiary of its 99.9% shareholder, Emirates NBD (A+/stable/F1).

Fitch said Emirates NBD’s ratings are based on potential support available from the United Arab Emirates authorities, if need be.

The agency said that, in its view, support would flow through to Emirates Islamic Bank given its role and track record in the group, the very high reputational risk to Emirates NBD of an Emirates Islamic Bank default, as well as the Central Bank of United Arab Emirates' inclination to favor support as Emirates Islamic Bank operates in the same home market as Emirates NBD.

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