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Fitch downgrades seven UAE banks
- United Arab Emirates: Saturday, September 26 - 2009 at 11:51
Fitch Ratings has downgraded the Long-term Issuer Default Ratings (IDR) of seven UAE-based bank, citing view that the ability of the sovereign UAE federal authorities and the emirate of Dubai to provide support has lessened. Affected banks are Bank of Sharjah, Commercial Bank of Dubai, Dubai Bank, Emirates Bank International, Mashreqbank, National Bank of Ras Al-Khaimah and Tamweel. Support ratings for four of these institutions have been downgraded to '2' from '1'.
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Medilyn Manibo, Assistant News EditorSaturday, September 26 - 2009 at 11:51 UAE local time (GMT+4)
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