Fitch lowers Etisalat’s rating

The agency Fitch Ratings has cut its rating on Etisalat, the UAE’s largest telecommunications company, citing the weakening of the Emirate’s credit profile.

The ratings firm lowered its long-term issuer default rating on Etisalat by one notch to “A plus”, or four notches below “AAA”, its highest level. The company was removed from watch for downgrade and assigned a stable outlook.

“This is due to the increasing demands on the sovereign’s relatively small fiscal resources to support UAE banks and, potentially, other entities during the current period of economic stress,” Fitch said.