Fitch Ratings-London-20 April 2012: Fitch Ratings has affirmed Union National Bank's (UNB) Long-term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook and its Viability Rating at 'bbb'. A full list of rating actions is at the end of this release.

UNB's IDRs, Support Rating and Support Rating Floor reflect Fitch's belief that there is an extremely high probability that support would be provided by the UAE authorities, if required, given the authorities' long record of support for domestic banks, and the Abu Dhabi government's substantial (50%) ownership of UNB. In addition, Fitch believes that support would be forthcoming from the Abu Dhabi government (rated 'AA'/Stable/F1+).

The Viability Rating reflects the bank's satisfactory liquidity and adequate capital but also reflects substantial balance sheet concentrations, and the still-uncertain operating environment.

A more detailed press release will be issued within the next week elaborating on today's rating action.

The rating actions are as follows:

Long-term IDR affirmed at 'A+'; Stable Outlook

Short-term IDR affirmed at 'F1'

Viability Rating affirmed at 'bbb'

Support Rating affirmed at '1'

Support Rating Floor affirmed at 'A+'

EMTN programme affirmed at 'A+'/'F1'

Senior unsecured debt affirmed at 'A+'

Contact:
Primary Analyst
Laila Sadek
Director
+44 20 3530 1308

Fitch Ratings Limited
30 North Colonnade
London E14 5GN

Secondary Analyst
Philip Smith
Senior Director
+44 20 3530 1091

Committee Chairperson
Eric Dupont
Senior Director
+33 1 4429 91 31

Media Relations: Michelle James, London, Tel: +44 0203 530 1574, Email: Michelle.James@fitchratings.com.

Additional information is available on www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable criteria, 'Global Financial Institutions Rating Criteria' dated 16 August 2011 and 'Evaluating Corporate Governance' dated 13 December 2011, is available at www.fitchratings.com.

Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
Evaluating Corporate Governance

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© Press Release 2012