Moody’s affirms Emirates NBD, Denizbank

Moody's Investors Service said it affirmed the long- and short-term foreign currency deposit ratings of Emirates NBD PJSC and Denizbank AS at A3/Prime-2 and Ba3/NP, respectively, as well as their long- and short-term local currency deposit ratings at A3/Prime-2 and Ba2/NP, respectively.

The outlooks on the banks' long-term deposit ratings were maintained at stable and negative, respectively.

At the same time, the agency affirmed Emirates NBD’s and Denizbank's baseline credit assessments of ba1 and ba3, respectively, and their adjusted BCA of ba1 and ba2, respectively.

Moody’s said the actions follow Emirates NBD’s and Sberbank's May 22 public announcement that they entered into a definitive agreement for Emirates NBD’s acquisition of Sberbank's 99.85% stake in Denizbank.

The acquisition, which is subject to regulatory approvals, is expected to be completed by the end of 2018.

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