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Byblos Bank

Country Risk Weekly Bulletin 524

Home Economic Research Country Risk Weekly Bulletin 524 Agency affirms ratings of five banks
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Agency affirms ratings of five banks

Fitch Ratings affirmed the long-term Issuer Default Ratings of First Abu Dhabi Bank (FAB) and HSBC Bank Middle East (HBME) at 'AA-' and those of Emirates NBD (ENBD), Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) at 'A+'. It attributed the affirmation of the ratings of FAB, ENBD, UNB and ADCB to the extremely high probability of government support, while it said that HBME’s rating reflects a very strong institutional support from its parent, HSBC Holdings, in case of need. It added that the government’s strong capacity to support banks is underpinned by large sovereign wealth funds, the government's stake in a number of banks and the moderate size of the sector relative to the country's GDP.
Source: Fitch Ratings
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Byblos Bank S.A.L., Byblos Bank Headquarters, Elias Sarkis Ave., Ashrafieh, Beirut

List of Banks No.39, CRB:14150, BDL Authorization No. 11/231 Dated 14 May 2005

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