TEXT-Fitch affirms & drops National Bank of Umm Al Qaiwain's ratings

Mon Jan 9, 2012 10:59am GMT

(The following statement was released by the rating agency)

Jan 09 - Fitch Ratings has affirmed National Bank of Umm Al Qaiwain's (NBQ) Long-term Issuer Default Rating (IDR) at 'BBB+' and its Viability Rating (VR) at 'bb' and simultaneously withdrawn them. A full list of rating actions is at the end of this comment.

Fitch has withdrawn the ratings as NBQ has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for NBQ.

The rating actions are as follows:

Long-Term IDR affirmed at 'BBB+' with a Stable Outlook; withdrawn

Short-Term IDR affirmed at 'F2'; withdrawn

Viability Rating affirmed at 'bb'; withdrawn

Individual Rating affirmed at 'C/D'; withdrawn

Support Rating affirmed at '2'; withdrawn

Support Rating Floor affirmed at 'BBB+'; withdrawn