Middle East Economic Survey
Fitch Downgrades Dubai Bank Ratings
Fitch Ratings on 25 May downgraded UAE-based Dubai Banks (DBs) individual rating to D from C/D, while maintaining it on Rating Watch Negative (RWN). Simultaneously, DBs long-term issuer default (IDR) of BBB-, short-term IDR of F3, support rating 2 and support rating floor of BBB- have all been affirmed. The outlook on the long-term IDR is negative. The downgrade of the individual rating reflects DBs...