The floating rate subordinated notes due 2017 are part of a USD2,000 million EMTN programme, assigned an A2 rating for senior notes and an A3
rating for subordinated notes. The A2 senior debt rating is at the same level as the A2 foreign currency deposit rating already assigned to Mashreqbank. All ratings carry stable outlooks.
Moody's existing ratings for Mashreqbank, of 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 (UAE), its good financial fundamentals and its growing
importance and significance to the financial system in the UAE and in particular to the economy of Dubai.
Mashreqbank is headquartered in Dubai, United Arab Emirates and at end-September 2006 had total assets of AED51.2 billion (US$13.9 billion).
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Moody's assigns A3 rating to Mashreqbank's (United Arab Emirates) Subordinated Notes
- United Arab Emirates: Saturday, January 06 - 2007 at 09:26
- PRESS RELEASE
Moody's Investors Service has assigned an A3 rating to the upcoming subordinated notes to be issued by Mashreqbank psc.
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LimassolMardig Haladjian
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Financial Institutions Group
Moody's Investors Service Cyprus Limited
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Limassol
Constantinos Pittalis
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Cyprus Limited
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SUBSCRIBERS: 44 20 7772 5454
Posted by Lara Lynn Golden, News EditorSaturday, January 06 - 2007 at 09:26 UAE local time (GMT+4)
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This article was updated on Fri Jan 12 2007.
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