S&P turns Emirates NBD view to stable

S&P said it affirmed Emirates NBD PJSC’s A3 ratings and revised the outlook to stable from negative.

“The stable outlook balances the rating agency's assessment that ENBD will restore its strong profitability to the pre-pandemic levels by 2022. Although economic activity in certain sectors in the UAE (such as hotel and restaurant, airline, automotive, trade, tourism and retail sectors) is recovering, but it remains well below the 2019 levels. Despite the operating conditions challenges, in Moody's view the bank continues to demonstrate resilience, with strong capital and liquidity buffers which are expected to remain unaffected during the outlook period,” the agency said in a press release.

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