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This follows the recent upgrade of the government's foreign and local currency bond ratings and the country ceiling for foreign currency bank deposits of the UAE to Aa2 from Aa3. The ratings of all the other UAE banks rated by Moody's remain
unchanged.
Moody's notes that except for the UAE branches of HSBC Bank Middle East Limited, the foreign currency deposit ratings of the UAE banks were not constrained by the country ceiling and thus are unaffected by the recent upgrade of the ceiling. The banks' local currency deposit ratings, ranging from Baa1 to Aa3, continue to derive from the unchanged Aa2 Local Currency Deposit Ceiling (LCDC) assigned to the UAE.
According to Moody's rating methodology, the deposit ratings are based on the individual bank's Baseline Credit Assessment, the country LCDC and Moody's assessment of possible support (i.e. parental or systemic being provided to the bank in case of need). With regard to the banks based in the UAE, Moody's considers the ratings of the Federal government of the UAE as the benchmark for all rated financial institutions headquartered in the UAE. However, Moody's also recognises the willingness and capacity of each emirate to provide support individually. 'This is incorporated in the level of support imputed for each bank' says Peter Carvalho VP-Senior
Analyst at Moody's.
Moody's upgrades HSBC Bank Middle East (UAE branches) and maintains all other UAE bank ratings
Moody's Investors Service has upgraded the foreign currency deposit rating of the United Arab Emirates (UAE) branches of HSBC Bank Middle East Limited to Aa2 from Aa3.
- United Arab Emirates: Sunday, July 29 - 2007 at 15:20
- PRESS RELEASE
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Moody's has the following ratings on UAE banks:Abu Dhabi Commercial Bank:
BFSR of C,
Global Local Currency Deposit Ratings of Aa3/Prime-1,
Foreign Currency Deposit Ratings of Aa3/Prime-1
Foreign Currency Debt Rating for senior debt obligations of Aa3
Foreign Currency Debt Rating for subordinated obligations of A1
Commercial Paper Rating of Prime-1
Abu Dhabi Islamic Bank:
BFSR of D,
Global Local Currency Issuer Ratings of A2/Prime-1,
Foreign Currency Issuer Ratings of A2/Prime-1
Foreign Currency Debt Rating for senior debt obligations (Sukuk) of A2
Dubai Islamic Bank:
BFSR of D+,
Global Local Currency Issuer Ratings of A1/Prime-1,
Foreign Currency Issuer Ratings of A1/Prime-1
Foreign Currency Debt Rating for senior debt obligations (Sukuk) of A1
Emirates Bank International:
BFSR of C-,
Global Local Currency Deposit Ratings of A1/Prime-1,
Foreign Currency Deposit Ratings of A1/Prime-1
Foreign Currency Debt Rating for senior debt obligations of A1
Foreign Currency Debt Rating for subordinated obligations of A2
Commercial Paper Rating of Prime-1
First Gulf Bank:
BFSR of D+,
Global Local Currency Deposit Ratings of A2/Prime-1,
Foreign Currency Deposit Ratings of A2/Prime-1
Foreign Currency Debt Rating for senior debt obligations of A2
HSBC Bank Middle East Ltd
BFSR of C+
Global Local Currency Deposit Ratings of Aa2/Prime-1
Foreign Currency Deposit Ratings of Aa2/Prime-1
Foreign currency Debt Rating for senior debt obligations of Aa2
Foreign Currency Debt Rating for subordinated obligations of Aa3
HSBC Bank Middle East Ltd (UAE Branches)
Global Local Currency Deposit Ratings of Aa2/Prime-1
Foreign Currency Deposit Ratings changed from Aa3/Prime-1 to Aa2/Prime-1
MashreqBank:
BFSR of C- ,
Global Local Currency Deposit Ratings of A2/Prime-1,
Foreign Currency Deposit Ratings of A2/Prime-1
Foreign Currency Debt Rating for senior debt obligations of A2
Foreign Currency Debt Rating for subordinated obligations of A3
National Bank of Abu Dhabi:
BFSR of C,
Global Local currency Deposit Ratings of Aa3/Prime-1,
Foreign Currency Deposit Ratings of Aa3/Prime-1
Foreign Currency Debt Rating for senior debt obligations of Aa3
National Bank of Dubai:
BFSR of C- ,
Global Local Currency Deposit Ratings of A1/Prime-1,
Foreign Currency Deposit Ratings of A1/Prime-1
Foreign Currency Debt Rating for senior debt obligations of A1
Foreign Currency Debt Rating for subordinated obligations of A2
National Bank of Ras-Al-Khaimah:
BFSR of D+,
Global Local Currency Deposit Ratings of Baa1/Prime-2,
Foreign Currency Deposit Ratings of Baa1/Prime-2
Foreign Currency Debt Rating for senior debt obligations of Baa1
Union National Bank:
BFSR of D+,
Global Local Currency Deposit Ratings of A1/Prime-1,
Foreign Currency Deposit Ratings of A1/Prime-1
Foreign Currency Debt Rating for senior debt obligations of A1
Limassol
Mardig Haladjian
General Manager
Financial Institutions Group
Moody's Investors Service Cyprus Limited
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Limassol
Peter Carvalho
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Cyprus Limited
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, July 29 - 2007 at 15:20 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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