Fitch affirms National Bank of Abu Dhabi

Fitch Ratings said it affirmed National Bank of Abu Dhabi's ratings at long-term issuer default AA-, short-term issuer default rating F1+, individual B/C and support 1.

The outlook remains stable.

The agency said that the support rating floor is affirmed at AA- while the long- and short-term issuer default ratings and support rating reflect the extremely high probability of support for National Bank of Abu Dhabi from the UAE authorities in case of need, given the size of the government of Abu Dhabi's (rated AA) stake and the bank's leading position in the UAE banking sector.

The individual rating reflects a strong franchise, sound asset quality, well-controlled growth and satisfactory capital adequacy, Fitch added.

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