Moody's rates Mashreqbank note A3

Moody's Investors Service said it assigned an A3 rating to Mashreqbank psc's upcoming issue of floating-rate subordinated notes due 2017, which will be issued under the bank's $2 billion euro medium-term note program.

The outlook is stable.

The agency said its existing ratings for the bank - A2/Prime-1 for long- and short-term foreign-currency deposits and C- for financial strength - reflect the bank's growing franchise value within the United Arab Emirates, its good financial fundamentals and its growing importance and significance to the financial system in the United Arab Emirates and in particular to the economy of Dubai.

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