UAE: Fitch Downgrades Dubai Bank’s Rating Following Government’s Announcement

Fitch Ratings announced the downgrade of Dubai Bank's Individual Rating to 'F' from 'D/E'. After the the announcement by the Government of Dubai that it will take full control of the bank, and it will provide a significant capital injection, it has also been removed from Rating Watch Negative (RWN).
The agency has also declared Dubai Bank's Long-term Issuer Default Rating (IDR) at 'BBB-', Short-term IDR at 'F3', Support Rating at '2' and Support Rating Floor at 'BBB-'.

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