Moody's: No change for UAE banks

Based on an initial assessment of the exposures of rated banks in the United Arab Emirates (UAE) to Dubai World and its subsidiary Nakheel, Moody's Investors Service said it will not implement any rating changes for now given that the banks that have sizeable exposures to Dubai World are either already on review for possible downgrade or carry a negative outlook on their deposit ratings.

Abu Dhabi Commercial Bank's bank financial strength rating of C-, global local-currency deposit ratings of Aa3/prime-1, foreign-currency deposit ratings of Aa3/prime-1, foreign-currency debt rating for senior debt obligations of Aa3, foreign-currency debt rating for subordinated obligations of A1 and the commercial paper rating of prime-1 are unaffected. The outlook is negative.

Abu Dhabi Islamic Bank's bank financial strength rating of D, global local-currency issuer rating of A2/prime 1, foreign-currency issuer ratings of A2/prime-1 and the foreign-currency debt rating for senior debt obligations (sukuk) of A2 are unaffected. The outlook is stable.

Commercial Bank of Dubai's bank financial strength rating of D+, global local-currency deposit ratings of A2/prime-1 and the foreign-currency deposit ratings of A2/prime-1 are unaffected. The outlook is stable.

Dubai Bank's bank financial strength rating of D, global local-currency issuer ratings of A3/prime-2, foreign-currency issuer ratings of A3/prime-2 and the foreign-currency debt rating for senior debt obligations (sukuk) of A3 are unaffected. The outlook is stable.

Dubai Islamic Bank's bank financial strength rating of D+, which is on for review of possible downgrade, global local-currency issuer ratings of A1/prime-1, foreign-currency issuer ratings of A1/prime-1 and the foreign-currency debt rating for senior debt obligations (sukuk) of A1 are unaffected. Its long-term ratings are on review for possible downgrade.

Emirates NBD PJSC's bank financial strength rating of C-, which is on review for possible downgrade, global local-currency deposit ratings of A1/prime-1, foreign-currency deposit ratings of A1/prime-1, foreign-currency debt rating for senior debt obligations of A1, foreign-currency debt rating for subordinated obligations of A2 and the commercial paper rating of prime-1 are unaffected. Its long-term ratings are on downgrade review.

First Gulf Bank's bank financial strength rating of D+, global local-currency deposit ratings of A2/prime-1, foreign-currency deposit ratings of A2/prime-1, foreign-currency debt rating for senior debt obligations of A2 and the foreign-currency debt rating for subordinated obligations of A3 are unaffected. Its long-term ratings carry a negative outlook.

HSBC Bank Middle East Ltd.'s bank financial strength rating of C, global local-currency deposit ratings of Aa3/prime-1, foreign-currency deposit ratings of Aa3/prime-1, foreign-currency debt rating for senior debt obligations of Aa3 and the foreign-currency debt rating for subordinated obligations of A1 is unaffected. Its long-term ratings carry a negative outlook.

HSBC Bank Middle East Ltd.'s (United Arab Emirates branches) global local-currency deposit ratings of Aa3 and prime-1 are unaffected. Its outlook is negative.

MashreqBank's bank financial strength rating of C-, which is on review for possible downgrade, global local-currency deposit ratings of A2/prime-1, foreign-currency deposit ratings of A2/prime-1 and the foreign-currency debt rating for senior debt obligations of A2 are unaffected. Its long-term ratings are under review for possible downgrade.

National Bank of Abu Dhabi's bank financial strength rating of C, global local-currency deposit ratings of Aa3/prime-1, foreign-currency deposit ratings of Aa3/prime-1, and the foreign-currency debt rating for senior debt obligations of Aa3 are unaffected. Its outlook is stable.

National Bank of Ras-Al-Khaimah's bank financial strength rating of D+, global local-currency deposit ratings of Baa1/prime-2, foreign-currency deposit ratings of Baa1/prime-2 and the foreign-currency debt rating for senior debt obligations of Baa1 are unaffected. Its outlook is stable.

National Bank of Umm Al-Qaiwain's bank financial strength rating of D, global local-currency deposit ratings of Baa2/prime-2 and the foreign-currency deposit ratings of Baa2/prime-2 are unaffected. Its outlook is stable.

Union National Bank's bank financial strength rating of D+, global local-currency deposit ratings of A1/prime-1, foreign-currency deposit ratings of A1/prime-1 and the foreign-currency debt rating for senior debt obligations of A1 are unaffected. Its outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.