Fitch Ratings has affirmed Abu Dhabi-based Union National Bank's (UNB) Long-term Issuer Default Rating (IDR) at 'A+' with a stable outlook, Short-term IDR at 'F1', Individual Rating at 'C', Support Rating at '1', Support Rating Floor at 'A+' and senior unsecured debt at 'A+'.
UNB's IDRs and Support Rating reflect the extremely high probability of support from the UAE authorities, in case of need, based on Fitch's view of UNB's importance to the UAE banking system and its substantial Abu Dhabi government ownership.
The Individual Rating reflects the bank's satisfactory capital adequacy and liquidity. It also reflects concentrations in loans and deposits, and inherent risks in the UAE operating environment, especially the stressed real estate market, although Fitch believes real estate-related risks are more manageable for UNB than for many of its peers.
No comments:
Post a Comment