(ADPnews) - May 19, 2011 - Fitch lowered Thursday to F from D/E the individual rating of UAE-based Dubai Bank and simultaneously removed it from "negative" watch following the intervention of the government of Dubai in the entity.
According to the announcement, the government will take full control of the bank and will provide a significant capital injection.
In addition, the agency upheld the bank's long-term issuer default rating (IDR) of BBB-, short-term IDR of F3, support rating of 2 and support rating floor of BBB-. Fitch also confirmed the ratings on the bank's sukuk programme at BBB-.
Finally, the agency revised to "stable" from "negative" …
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