Fitch Ratings has affirmed Union National Bank’s (UNB) Long-term Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook and its Viability Rating at ‘bbb.
UNB’s IDRs, Support Rating and Support Rating Floor reflect Fitch’s belief that there is an extremely high probability that support would be provided by the UAE authorities, if required, given the authorities’ long record of support for domestic banks, and the Abu Dhabi government’s substantial (50%) ownership of UNB. In addition, Fitch believes that support would be forthcoming from the Abu Dhabi government (rated ‘AA’/Stable/F1+).
The Viability Rating reflects the bank’s satisfactory liquidity and adequate capital but also reflects substantial balance sheet concentrations, and the still-uncertain operating environment.
Press Release
