Fitch raises Tamweel rating to positive

03 October 2010

Company has a weak standalone risk profile.

Fitch Ratings has revised the rating watch on UAE-based Tamweel’s long-term issuer default ratings (IDR), short-term IDR, support rating and support rating floor to ‘positive’ from ‘evolving’ . The move follows the acquisition by Dubai Islamic Bank of a majority stake in the Shari’ah-compliant mortgage lender. The rating agency also affirmed Tamweel’s ‘E’ individual rating, reflecting its weak standalone risk profile.

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