From Globalarabnetwork.com: Fitch Ratings has today affirmed the long-term Issuer Default Ratings and placed the Individual ratings of four Dubai-based banks on Rating Watch Negative (RWN) in light of the continuing uncertainty in the Dubai economy following Dubai World’s (DW) request on 25 November 2009 to postpone debt repayments.

The banks affected are Commercial Bank of Dubai (CBD), Emirates NBD (ENBD), Mashreqbank (MB), each with an Individual rating of ‘C’, and HSBC Bank Middle East (HBME), with an Individual rating of ‘B’ and the actions reflect Fitch’s belief that these banks have significant exposures to DW and other Dubai government-related entities (GREs)…………………………….Full Article: Source