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Moody's downgrades four UAE banks
- United Arab Emirates: Tuesday, December 16 - 2008 at 10:18
Moody's Investors Service has revised downwards the outlooks on the ratings of four banks based in the UAE. The rating outlooks for Abu Dhabi Commercial Bank, First Gulf Bank, and Dubai Islamic Bank have been changed to 'negative' from 'stable', while the rating outlook on Dubai Bank has been changed to 'stable' from 'positive'. Concurrently, the outlooks on the ratings for all senior unsecured debt issued by the above-named banks have also been revised accordingly. John Tofarides, Analyst in Moody's Financial Institutions Group, said the rating action reflects the mounting liquidity pressures in the short to medium term, the growing downward pressures on asset prices (mainly stocks and properties), and the anticipated profitability pressures from rising funding costs derived from increasingly scarce liquidity and loss of confidence.
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Jeff Florian, Senior ReporterTuesday, December 16 - 2008 at 10:18 UAE local time (GMT+4)
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