The short-term rating was also raised by one notch to A1+, from A1. The financial strength rating is affirmed at A+, and the support rating is unchanged at 1. All ratings carry a Stable outlook. The upgrade reflects the recent one notch increase in the ratings of the sovereign, which is a majority shareholder of the bank.
NBAD's large size (total assets of USD27 billion at end 2006), its overall sound financial fundamentals, its widespread physical presence in the country and its importance to the local economy coupled with a high support rating are major factors underpinning the increase in the foreign currency ratings. Apart from a sizeable domestic franchise, NBAD also has a geographically diversified asset base with a meaningful presence overseas.
The Bank's subordinated convertible bond issue in 2006 has strengthened its capitalisation ratio and paves the way for a sizeable growth in assets in the future. The increasing diversification of resources through the issuance of convertible debt, medium-term notes and commercial paper is a positive development.
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National Bank of Abu Dhabi upgraded to AA-
- United Arab Emirates: Tuesday, July 10 - 2007 at 11:11
- PRESS RELEASE
Capital Intelligence (CI), the international credit rating agency, announced that it has raised the foreign currency long-term rating of National Bank of Abu Dhabi (NBAD) to AA-, from A+.
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Posted by Lara Lynn Golden, News EditorTuesday, July 10 - 2007 at 11:11 UAE local time (GMT+4)
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