Fitch: Ajman Bank’s Long-Term IDR Affirmed at BBB+ with Stable Outlook

Fitch Ratings (Fitch) has given its affirmation of Ajman Bank (AB)’s Long-Term Issuer Default Rating (IDR) at BBB+, whilst its Viability Rating has been affirmed at b+, with a Stable Outlook.

Key ratings drivers supporting the affirmation of AB’s long-term IDR include the Government of the UAE’s sound ability to support the banking system if needed, with this financing being sourced through sovereign wealth funds, as well as recurring revenue from hydrocarbon production. According to Fitch, the willingness of the authorities to provide support to the banking sector is reinforced through close ties with and partial government ownership of some banks in the UAE, along with a historical track record in prov...