Fitch assigns expected ratings to National Bank of Dubai notes

The notes were originally issued by National Bank of Dubai (NBD); however, following NBD's merger with Emirates Bank International (EBI) to form Emirates NBD in October 2007, the intention is to substitute the original issuer for EBI (the principal banking subsidiary of Emirates NBD). The ratings are subject to approval of the substitution by the bondholders of the three notes.

The final ratings are contingent upon receipt of final documentation conforming materially to information already received.

The ratings are:

* $750m senior FRN due 2010 (ISIN: XS0237182513): expected Long-term rating of 'AA-' (AA minus).

* $500m senior FRN due 2012 (ISIN: XS0285298054): expected Long-term rating of 'AA-' (AA minus).

* $500m subordinated Step-Up FRN due 2016 (ISIN: XS0272489187): expected Long-term rating of 'A+'.

* EBI is rated Long-term Issuer Default (IDR) 'AA-' (AA minus) with Stable Outlook, Short-term IDR 'F1+', Individual 'B/C', Support '1' and Support Rating Floor 'AA-' (AA minus). EBI's USD7.5bn EMTN programme is rated Long-term 'AA-' (AA minus) for senior debt and Long-term 'A+' for subordinated debt. NBD is rated Support '1'.