Long Term Rating: A2

Outlook: Stable

Rating Rationale

FGB has emerged from the crisis with improved capitalisation levels and has maintained its strong profitability and relatively solid asset-quality ratios. FGB's efficient business model benefits from low-cost deposits and high operational efficiencies, whilst its association with Abu Dhabi's ruling family, its private business sector and high-net-worth individuals provide FGB with access to uninterrupted business opportunities that enable it to continue to expand faster than the industry average.

The funding challenges that FGB faced in December 2008 - when the negative outlook was assigned -- have also been adequately addressed, with additional deposit growth and support from the Abu Dhabi government and government-related institutions. FGB has maintained its access to the debt-capital markets, and was one of the few banks that managed to issue debt during 2009 and 2011 - August 8th 2011

Long Term Rating: A+

Outlook: Stable

Rating Rationale

"The bank's Individual Rating reflects its good profitability and local franchise, strong capitalisation and adequate liquidity. FGB's profitability remains robust and primarily reliant on core earnings. The cost of funding decreased in 2010, benefiting net interest income.

Fitch believes there is an extremely high probability that FGB would receive support from the UAE authorities if needed, given its importance to the UAE banking system and its majority ownership by members of the Abu Dhabi ruling family." - May 10th, 2011

Long Term Rating: A +

Outlook: Stable

Rating Rationale

"Despite the difficult conditions in the country First Gulf Bank (FGB) continued to perform well last year and in the first quarter of this year. The Bank remains very profitable owing to strong net interest revenues (on the back of wider than peer group margins), a good non-interest income base and strong operating efficiency ratios. FGB has delivered consistently good results over the last several years from a diversified business base.

The Bank continues to be solidly capitalised and liquidity ratios are wholly satisfactory. FGB has access to government and public sector deposits as well as to medium-term funds in the international markets" - June 2011