Fitch affirms National Bank of Abu Dhabi

Fitch Ratings said it affirmed National Bank of Abu Dhabi's long-term issuer default rating at AA-, short-term issuer default rating at F1+, senior unsecured debt rating at AA-/F1+ and commercial paper program at F1+.

The outlook is stable.

The ratings reflect the extremely high probability of support from the Abu Dhabi government and the United Arab Emirates authorities, Fitch said.

The ratings also consider the bank's strong franchise, strong profitability and, despite some deterioration, its relatively sound asset quality, the agency said.

Despite the still difficult operating environment in the country in 2010, the bank's core profitability proved robust, Fitch added.

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