Fitch Ratings on June 1 upgraded the long-term issuer default rating of Paris-based Union de Banques Arabes et Françaises SA to A- from BBB+, with a stable outlook.
The agency also upgraded the bank's short-term issuer default rating to F1 from F2 and support rating to 1 from 2. Its viability rating of "bb" is unaffected.
The revisions of the issuer default and support ratings follows an upgrade of the long-term issuer default rating of Crédit Agricole Corporate & Investment Bank, which has a 47.01% stake in the company, to A+/stable from A/positive. It reflects Fitch's view that the ability of the Crédit Agricole Group unit to support UBAF has increased.