Fitch rates Abu Dhabi Islamic Bank certificates A

Fitch Ratings said it assigned a final A long-term rating to Abu Dhabi Islamic Bank's $800 million senior unsecured trust certificates due 2011, which is the first issue under the bank's $5 billion trust certificate issuance program. The bank has an A issuer default rating, F1 short-term rating, C individual rating and 1 support rating.

The outlook is stable.

The agency noted that ijara (lease) contracts totaling the equivalent of $881.4 million have been transferred to the trustee, ADIB Sukuk Co. Ltd., to service the periodic distributions payable to certificate holders.

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