Fitch downgrades TAIB Bank
Dubai, February 23, 2010
Fitch Ratings has downgraded Bahrain's TAIB Bank, whose main shareholder is Dubai Holding, owned by the Ruler, citing concerns over the likelihood of financial support for the lender.
'Given the ongoing problems in Dubai government-related entities and the uncertainty about how the problems at Dubai World will be resolved and how far they have spread, the likelihood of support for the bank, although possible, cannot be relied upon,' Fitch was quoted as saying in a report in our sister newspaper Gulf Daily News.
It downgraded support rating to 5, from 4. Dubai Financial Group, the financial investment arm of Dubai Holding, is a 60 per cent shareholder in the Bahrain-based private bank.