Moody's assigns National Bank of Dubai notes A1

Moody's Investors Service said it assigned an A1 rating to the upcoming senior unsubordinated notes to be issued by National Bank of Dubai PJSC.

The outlook is stable.

Moody's explained that the A1 senior unsubordinated debt rating is at the same level as the A1 foreign currency deposit rating already assigned to the bank.

In assigning this rating, Moody's said it considered the bank's relative importance in United Arab Emirates' domestic financial system with a 13% customer deposit market share, its intrinsic financial strength given its D+ financial strength rating, its status as "national bank" of Dubai and its 23% ownership by the government of Dubai and members of the Dubai ruling family.

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