Fitch lowers Emirates NBD

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

The viability rating also was removed from Rating Watch negative.

The agency also said it affirmed its short-term issuer default rating at F1, senior unsecured notes at A+ and subordinated notes rating at A.

Fitch also said it affirmed EIB Sukuk Co. Ltd.'s trust certificate issuance program at A+ and senior unsecured certificates at A+.

The ratings reflect the extremely high probability of support from the United Arab Emirates authorities and the emirate of Dubai, given the company's substantial domestic franchise, majority ownership by the government of Dubai and the long history of support in the country, Fitch said.

The company has highly diversified revenue streams and high revenue generating capacity, the agency said, as well as an adequate capital base and sound liquidity.

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