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Negative outlook for UAE's banks, Moody's says
- United Arab Emirates: Wednesday, January 14 - 2009 at 11:18
The credit outlook for the UAE's banking sector is negative, reflecting growing pressures in the operating environment, which will weaken the financial fundamentals of the country's banks going forward, according to a new report by Moody's Investors Service. Key factors underlying Moody's negative outlook include the growing potential for a deterioration in asset quality in light of the property market correction, which began having an impact in Q4 2008. Other negative factors include the liquidity constraints observed in H2 2008, which Moody's expects to have severe consequences for future asset growth and profitability; the equity price collapse in 2008, which has affected Q4 financials; and the sharp decline in oil prices and the subsequent oil production cuts, which Moody's predicts will significantly weaken the UAE's fiscal surplus and real economic growth in 2009.
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Jeff Florian, Senior ReporterWednesday, January 14 - 2009 at 11:18 UAE local time (GMT+4)
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