Taib Bank Rating Downgraded at Fitch on Weaker Dubai Support

Taib Bank BSC, a Bahrain-based investment bank controlled by Dubai Financial LLC, had its long- term issuer default rating downgraded to ‘BBB-’ from ’BBB’ with negative outlook at Fitch Ratings.

The rating was cut because of the “view that the creditworthiness of the emirate of Dubai has weakened, to which the bank’s ultimate main shareholder Dubai Holding is inextricably linked,” Fitch said today. “The change in outlook reflects the concern that it could weaken further and hence DH will be less able to support TAIB Bank.”