Fitch downgrades Dubai Bank's Individual Rating, maintains RWN

Fitch Ratings has downgraded UAE-based Dubai Bank's Individual Rating to 'D/E' from 'D' and maintained it on Rating Watch Negative (RWN).
At the same time, Fitch affirmed Dubai Bank's Long-term Issuer Default Rating (IDR) at 'BBB-', Short-term IDR at 'F3', Support Rating at '2' and Support Rating Floor at 'BBB-'. The Outlook on the Long-term IDR is Negative. The ratings on Dubai Bank's Sukuk Programme were also affirmed at 'BBB-', although there is no outstanding issuance.