UAE – Mubasher: Fitch Ratings announced it has affirmed the long-term issuer default rating (IDR) UAE-based Emirates Development Bank (EDB) at 'AA-' with a stable outlook.
The New York-based credit rating agency has also maintained the bank’s short-term IDR at 'F1+', according to a press release.
The bank’s support rating (SR) has been affirmed at '1' and support rating floor (SRF) has been also confirmed at 'AA-', Fitch said.
Moreover, the agency maintained EDB’s senior unsecured notes rating at 'AA-'.
The bank’s $3 billion Euro medium-term note (EMTN) programme has been affirmed as well at 'AA-'/'F1+'
It is worth noting that EDB issued $750 billion under its EMTN programme, established in March 2018 with the aim to diversify its funding.
