S&P gives National Bank of Dubai floaters, notes A

Standard & Poor's said it assigned its A long-term senior unsecured debt rating to the $500 million floating-rate notes due December 2010 to be issued by National Bank of Dubai (A/stable/A-1).

At the same time, S&P said it assigned its A/A-1 debt ratings to the bank's $1.0 billion Euro medium-term note program.

"The ratings on the program and on the floating-rate notes are the same as those on the bank, reflecting the latter's strong capitalization, low risk profile and superior asset quality and liquidity," said S&P credit analyst Emmanuel Volland.

The agency said the stable outlook on the ratings on the bank balances its improving commercial position and solid financial profile with its rapid asset growth and increasing leverage.

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