Fitch affirms Emirates NBD

Fitch Ratings said it affirmed Emirates NBD's long-term issuer default rating at A+ and viability rating at BBB.

The viability rating also was removed from Rating Watch negative, the agency said.

The affirmations reflect the extremely high probability of support from the United Arab Emirates authorities and the Emirate of Dubai, given its substantial domestic franchise, majority ownership by the government of Dubai and the long history of support, Fitch said.

Liquidity support and term funding have been provided by the United Arab Emirates authorities to all banks in the system, the agency said.

Fitch also said the bank has sufficient operating revenues to absorb any need for further loan impairment charges, without having any adverse impact on the bank's capital base.

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