Fitch: Emirates Islamic Bank’s Long-Term IDR Affirmed at ‘A+’; Outlook Stable

Fitch Ratings (Fitch) has affirmed the Long-Term Issuer Default Rating (IDR) of Emirates Islamic Bank at A+ with a Stable Outlook. EIB’s viability rating (VR) has also been maintained at bb-.

The key rating drivers supporting the affirmation include the fact that EIB is an integral part of its group; hence the ratings of EIB are stated to be in line with that of its parent company, Emirates NBD Bank (ENBD, A+/Stable/F1). ENBD’s IDR’s rating is indicative of Government support. Fitch noted that the support offered to ENBD is likely to flow through to EIB, given EIB’s favourable track record, as well as the high reputational risk posed to ENBD should EIB default.

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