10.03 PM Friday, 19 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:32 05:49 12:21 15:48 18:47 20:04
19 April 2024

Fitch withdraws NBQ ratings


By Staff

Fitch Ratings on Monday said it would no longer rate National Bank of Umm Al Qaiwain (NBQ) following the bank’s decision not to participate in the rating process, said a press statement on Monday.

The international ratings agency affirmed NBQ’s Long-term Issuer Default Rating (IDR) at 'BBB+' and its Viability Rating (VR) at 'bb'.

“Fitch has withdrawn the ratings as NBQ has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for NBQ,” the ratings agency said in a statement.

The rating actions are as follows:

Long-Term IDR affirmed at 'BBB+' with a Stable Outlook; withdrawn

Short-Term IDR affirmed at 'F2'; withdrawn

Viability Rating affirmed at 'bb'; withdrawn

Individual Rating affirmed at 'C/D'; withdrawn

Support Rating affirmed at '2'; withdrawn

Support Rating Floor affirmed at 'BBB+'; withdrawn