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Fitch Publishes Abu Dhabi National Oil Company's 'AA' First-Time IDR

ADNOC is the national oil company of the Emirate of Abu Dhabi and is one of the largest oil producers globally. On a standalone basis ADNOC's rating corresponds to 'AA+' and reflects the company's high upstream output coupled with low production costs, significant reserves, downstream integration and a conservative financial profile. The Outlook is stable. 


Fitch Ratings Overview on Global Islamic Finance

Date: Wednesday 20 February 2019
Time: 09:30 GMT /13:30 GST /17:30 HKT


Fitch Ratings is delighted to invite you to a live webcast on Global Islamic Finance. The presentation will provide an overview on Fitch’s Global Islamic Finance Coverage, Islamic Finance Performance and Outlook in key markets, Fitch’s Islamic Finance Rating approach, with Sukuk rating criteria in focus.


Register Now


Sovereign Hot Spots: Argentina, Brazil, Mexico, Turkey and South Africa

Now On-Demand

Fitch Ratings is hosting a panel discussion with senior analysts from the global Sovereigns team to discuss our most asked about “Hot Spots”.

Topics of discussion will include:

  • Argentina: Macro Policy Adjustment and Risks Ahead
  • Brazil: Is the Optimism Justified?
  • Mexico: Factors to Resolve its Negative Outlook
  • Turkey: Navigating Economic Adjustment, Policy Settings, and Political Risks
  • South Africa: Weak Growth, Fiscal Pressures, and Risks Around Parliamentary Elections

Available On-Demand Here


James McCormack Discusses Generating Jobs in Saudi Arabia on CNBC

Fitch's James McCormack, global head of sovereign ratings, discusses the changing workforce in the kingdom and the opportunities for the private sector.

Operating Environment Key Sensitivity for Turkish Islamic Banks

Fitch Ratings says the market share of Turkey's participation (Islamic) banks has remained broadly stable and growth is set to remain subdued in the short term due to the weaker growth outlook, the high interest-rate environment, the end to FC-indexed financing and asset-quality pressures.

Sukuk Issuance Volumes Normalise From 2017 Record High

Sukuk issuance in the ten largest markets fell last year following record issuance in 2017, Fitch Ratings says. We do not believe this reflects long-term trends, but it shows how issuance volumes can be influenced by the activity of individual borrowers, notably oil-exporting sovereigns. 

GCC Budgets Will Struggle to Offset Lower Oil Prices

Fiscal balances are set to weaken across much of the Gulf Cooperation Council (GCC) in 2019, maintaining pressure on sovereign balance sheets. The effects of fiscal policy loosening that started last year will be exacerbated by lower oil prices. 2019 budgets so far point to higher spending and gradual fiscal reform, but we expect that weaker oil prices will prompt several countries to pare back their spending during the year.

Fitch Rates Trade Bank of Iraq 'B-': Outlook Stable

Fitch Ratings has assigned Trade Bank of Iraq (TBI) a Long-Term Issuer Default Rating (IDR) of 'B-' with Stable Outlook. A full list of rating actions is at the end of this rating action commentary.

New Dubai Event Launches Fitch Ratings' Credit Outlook Series

Fitch Ratings' annual series of Credit Outlook events launches on 12 December with a new event in Dubai that will blend Fitch's own regional expertise and thought leadership with further insights from guest speakers and panellists.

rating action

Getlink's Notes Assigned 'BB+' Final Rating

GET's debt is structurally subordinated to the project-finance type debt in place at CLEF. There are strong structural protections under CLEF's issuer-borrower structure, including lock-up provisions potentially triggering cash sweep and additional indebtedness clauses subject to ratings tests, which limits debt push down.

rating action

Rated: Emirates Development Bank 'AA-'; Outlook Stable

Fitch's view of support factors in the sovereign's strong capacity to support the banking system, sustained by sovereign wealth funds and recurring revenue mostly from hydrocarbon production, despite lower oil prices, and the moderate size of the UAE banking sector relative to the country's GDP.

Sector-Wide Government Support for Qatari Banks Again in 2017

The Qatari authorities' propensity to support domestic banks was again evidenced in 2017 with a cumulative USD40 billion deposit injection (June-December) in the banking system.

Oil Windfall to Test Durability of Gulf Exporter Reforms

Gulf sovereigns are enjoying a fiscal windfall from the recovery in oil prices, but this will test the durability of improvements to the structure and management of public finances made in the region since the 2014 oil shock.

New Regulation to Drive Consolidation in Saudi Arabian Insurance Sector

We expect Saudi Arabia's new solvency framework introduced in 2018 to drive consolidation among the country's smaller insurance companies as minimum capital requirements increase. Foreign participation in the sector is also likely to grow, as the Saudi Arabian Monetary Authority appears to be actively encouraging foreign investment.

Rating action

Affirmed: Saudi Arabia at 'A+'; Outlook Stable

We expect the central government deficit to narrow only gradually, to 6.4% of GDP in 2019 (SAR180 billion), from 8.3% in 2017, as renewed growth in spending offsets sharp increases in both oil and non-oil revenue.

rating action

Qatar's Outlook Revised to Stable; Affirms at 'AA-'

Qatar has successfully managed the fallout from last year's rupture of trade, financial and diplomatic relations with the Quartet consisting of the UAE, Saudi Arabia, Bahrain and Egypt. Public sector liquidity injections have stabilised the banking sector and stemmed the outflow of non-resident funding. 

Sukuk Volumes Grow but Structural Constraints Remain

فيتش: حجم إصدارات الصكوك يشهد نمواً، مع وجود قيود هيكلية

The relatively moderate growth in sukuk volumes in 1Q18 highlights continued interest in the asset class, but also the structural constraints on faster expansion. Issuer funding needs and investor appetite for the remainder of the year will be determined by various factors including oil prices, tighter global financing conditions, and investor sentiment in the light of regional tensions in the Middle East. 

US's Iran Move Raises Middle East Risks

The US's withdrawal from the Iran nuclear deal is likely to further increase geopolitical risk in the Middle East. However, the full impact depends on the severity of US sanctions snapback and the responses from Iran, the other parties to the deal, and major regional powers.

Institutional Money Fund Foundations Laid in Saudi Arabia

Overall, we estimate that the Saudi Arabian money fund sector grew by around 10% over the three years to end-December 2017 in US dollar terms, with asset expansion particularly high in 2017. This compares with a global money fund growth of 5% over the same period.

Saoud Sulaiman Al-Behairi Appointed General Manager of Fitch Ratings in Saudi Arabia

Appointment of Mr. Al-Behairi follows the recent announcement that Fitch Ratings has obtained authorization from the Capital Market Authority to conduct credit rating activities in the Kingdom of Saudi Arabia and is establishing an on-the-ground presence in Riyadh.

Fitch Ratings Authorized to Conduct Credit Rating Activities in the Kingdom of Saudi Arabia

Fitch Ratings today announces it has obtained authorization from the Capital Market Authority (CMA) to conduct credit rating activities in the Kingdom of Saudi Arabia. To support the ongoing development of Saudi Arabia's capital market, Fitch Ratings will establish an on-the-ground presence in Riyadh.


Saoud Al Behairi

Saudi Arabia

Saoud Al Behairi

General Manager for Saudi Arabia

+966 11 484 7140

Wael Mourad

Middle East

Wael Mourad

Financial Institutions – Director

+971 4 424 1204

Ahmed Hassan

Middle East

Ahmed Hassan

Corporates – Senior Director

+971 4 424 1255

Ameer Toma

Middle East

Ameer Toma

Investor Development – Director

+971 4 424 1265

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