Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Abu Dhabi Islamic Bank > News item |
Moody’s gives stable outlook to UAE banks
Moody's Investors Service said it affirmed the long-term ratings of four banks based in the United Arab Emirates and changed their outlooks to stable from negative. Affected by the rating actions were First Abu Dhabi Bank PJSC (Aa3), Abu Dhabi Commercial Bank PJSC (A1), Union National Bank PJSC (A1) and Abu Dhabi Islamic Bank (A2).
Al Hilal Bank PJSC’s A1 rating was affirmed, but the outlook on its long-term ratings remains negative.
The rating actions follow Moody's decision to affirm the UAE's government issuer rating at Aa2 and change the outlook to stable from negative.
The agency said the negative outlook on Al Hilal Bank is driven by its view that going forward the deteriorating trend in the bank's financial fundamentals will continue.
For the remaining banks, their long-term ratings continue to benefit from a high expectation of government support, which provides uplift to their long-term ratings that are therefore sensitive to changes in the creditworthiness of the UAE sovereign.
© 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.