Fitch raises Tamweel rating to positive

Fitch Ratings has revised the Rating Watch on UAE-based Tamweel's Long-term Issuer Default Ratings (IDR), Short-term IDR, Support Rating and Support Rating Floor to 'Positive' (RWP) from 'Evolving' (RWE). The move follows the acquisition by Dubai Islamic Bank of a majority stake in the Shari'ah-compliant mortgage lender. The rating agency also affirmed Tamweel's 'E' Individual Rating, reflecting its weak standalone risk profile.

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