Fitch affirms Emirates Development Bank at ‘AA-‘; outlook stable

Fitch affirms Emirates Development Bank at ‘AA-‘; outlook stable

- Ahmed Mohamed Al Naqbi: “This rating affirmation is a solid major endorsement of EDB’s creditworthiness and strong capitalisation, positioning the Bank for expected rapid lending growth.”

Abu Dhabi, United Arab Emirates: Fitch Ratings, one of the top three global credit rating agencies, has affirmed its 'AA-' Long-Term Issuer Rating (IDR) for Emirates Development Bank ('EDB' or 'the Bank') with a stable outlook.

The agency maintained EDB at ‘AA-’, its fourth highest investment grade rating, which reflects the bank low credit risk. The ‘AA-’ rating is a high credit rating, indicating Fitch’s analysis of EDB’s highly strong capacity to meet its financial obligations.

“We are very pleased to receive the ‘AA-’ rating from Fitch”, said Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB. "This rating affirmation is a solid endorsement of EDB’s creditworthiness and strong capitalisation, positioning the Bank for expected rapid lending growth. Fitch’s assessment is an exceptional achievement for EDB as the Bank continues to support the UAE's national development agendas in the strategic areas of advanced technology, food security, healthcare, renewables, and manufacturing, thereby driving the nation's industrial growth and promoting economic diversification.”

According to Fitch, EDB has a very low credit risk, the rating on the Bank also carries