UAE – Mubasher: Fitch Ratings has affirmed its 'AA-' long-term issuer rating (IDR) for Emirates Development Bank (EDB), with a stable outlook, according to a press release.

The ‘AA-’ rating is the agency’s fourth highest investment grade rating and reflects the bank's low credit risk and strong capacity to meet its financial obligations.

Fitch underlined that EDB has a very low credit risk, adding that it does not expect any significant changes in the lender’s financial profile in the near term.

The credit rating agency also highlighted that the bank supports economic development through direct and indirect lending and non-financial support to small and medium-sized enterprises (SMEs).

Ahmed Mohamed Al Naqbi, CEO of EDB, commented: "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," Al Naqbi continued.