(The following statement was released by the rating agency) DUBAI/LONDON, June 16 (Fitch) Fitch Ratings has assigned CBD (Cayman) Limited’s (CBD Cayman) EMTN programme ratings of ‘A-‘/’F2′. KEY RATING DRIVERS CBD Cayman is a wholly owned subsidiary of United Arab Emirates-based 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 programme are unconditionally and irrevocably guaranteed by CBD and the proceeds will be solely used for the financing of CBD’s activities. The programme ratings are in line with CBD’s Long- and Short-term Issuer Default Ratings (IDR), reflecting Fitch’s view that the likelihood of default on senior unsecured notes issued under this programme will be the same as the likelihood of CBD’s default. Debt issued by CBD Cayman under the note instrument, and the obligations of CBD under the deed of guarantee, constitute direct, unconditional and unsecured and unsubordinated obligations of the issuer and of the bank, respectively, and will rank at least pari passu with all other outstanding unsecured and unsubordinated obligations of the issuer and of the bank, respectively. The documentation includes a negative pledge provision with CBD, as well as financial reporting obligations, covenants and default acceleration clauses. The notes and any non-contractual obligations arising out of or in connection with the notes will be governed by, and shall be construed in accordance with, English law. RATING SENSITIVITIES The programme’s ratings are sensitive to changes in CBD’s Long- and Short-term IDRs. This in turn is sensitive to changes in the perceived ability or willingness of the UAE authorities to provide support to the bank. Given the robust economy, the authorities’ strong track record of support for local banks and no plans for resolution legislation at this stage, downward pressure is considered low. Contact: Primary Analyst Redmond Ramsdale Director +971 4 424 1202 Fitch Ratings Limited Al Thuraya Tower 1, Office 1805 and 1806 Media City, PO Box 502030 Dubai Secondary Analyst Anton Lopatin Director +7 495 956 70 96 Committee Chairperson Gordon Scott Managing Director +44 203 530 10 75 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: [email protected]. Additional information is available on www.fitchratings.com. Applicable Criteria Global Bank Rating Criteria (pub. 20 Mar 2015) here Additional Disclosures <a href=”https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame. cfm?pr_id=986467″>Dodd-Frank Rating Information Disclosure Form Solicitation Status here <a href=”https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context =2&detail=31″>Endorsement Policy ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.