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Moody’s lifts Emirates NBD to A3
Moody's Investors Service said it upgraded Emirates NBD PJSC's long-term deposit and senior unsecured ratings to A3 from Baa1 and its counterparty risk assessment to A2(cr)/P-1(cr) from A3(cr)/P-2(cr).
The upgrades follow the upgrade of the bank’s baseline credit assessment to ba1 from ba2 and Moody's maintenance of existing government support assumptions, which result in four notches of rating uplift.
Concurrently, the agency affirmed the Prime-2 short-term deposit ratings.
The outlook on the long-term ratings is stable.
Moody’s said the upgrade of the baseline credit assessment reflects Emirates NBD’s improved and resilient financial profile, primarily: (a) Improved asset quality that the agency expects to remain stable despite slowing economic growth in a low oil price environment; (b) stronger loss-absorption buffers coupled with resilient profitability; and (c) strong funding and liquidity, despite a slowing economic environment in the United Arab Emirates (UAE) stemming from lower oil prices.
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