Ajman Bank’s Long-Term IDR Affirmed at BBB+, Stable Outlook, Viability Rating at b+: Fitch 

Fitch Ratings (Fitch) has affirmed Ajman Bank’s (AJB) Long-Term Issuer Default Rating (IDR) at BBB+ with a Stable Outlook. In addition, AJB’s viability rating (VR) has been affirmed at b+. AJB is a United Arab Emirates- (UAE) based Islamic bank that commenced operations in 2009, with the Government of Ajman and the ruling family collectively owning 36.7% of bank shares.

Ratings Rationale

AJB’s IDR reflects a high chance of support available from UAE authorities if required. Sovereign wealth funds and ongoing revenue from hydrocarbon production is likely to sustain UAE’s ability to support the banking system. In addition, the UAE authorities have a track record of supporting domestic banks, due to their close ties with and parti...