ICEC

Fitch Ratings Raises UAE’s Tamweel To ‘BBB+’ With Stable Outlook

Fitch Ratings upgraded UAE-based Tamweel PJSC’s (Tamweel) Long-term Issuer Default Rating (IDR) to ‘BBB+’ from ‘BBB-‘ with a Stable Outlook.

Tamweel’s IDRs are solely driven by support from its majority shareholder Dubai Islamic Bank (DIB; ‘A’/Stable/’F1’), which acquired a controlling interest in the previously troubled UAE mortgage lender in November 2010. The acquisition was arranged by the UAE Federal and Dubai authorities.

The ratings agency said that there is an extremely high probability of support from the UAE authorities for DIB and that this support would also extend to Tamweel, reflecting the high degree of business integration within the DIB group, Reuters reported.

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