Fitch affirms Emirates Bank at AA-

Fitch affirmed Emirates Development Bank's long-term issuer default rating at AA-.

The rating outlook is stable.

The existing senior unsecured program and the notes issued under the program are rated in line with the bank's long- and short-term issuer default ratings.

The bank has a small franchise in the UAE banking sector but with a specific government policy role.

The bank's capitalization is strong; its equity was 58% of total assets at end-2020.

Liquid assets still represented about half of total assets.

To diversify its funding, The bank established an EMTN program in March 2019 and has issued $750 million under it so far.

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