Fitch rates CBD Cayman program A-/F2

Fitch Ratings said it assigned CBD (Cayman) Ltd.’s euro medium-term note program ratings of A-/F2.

CBD Cayman is a wholly owned subsidiary of Commercial Bank of Dubai (CBD, A-/F2/Stable).CBD Cayman is incorporated in the Cayman Islands, and set up solely to act as an issuer of debt.

The bonds issued under the program are unconditionally and irrevocably guaranteed by Commercial Bank of Dubai and the proceeds will be solely used for the financing of its activities.

The program ratings are in line with Commercial Bank of Dubai’s long- and short-term issuer default ratings, reflecting Fitch's view that the likelihood of default on senior unsecured notes issued under this program will be the same as the likelihood of the bank’s default.

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