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Emirates NBD’s credit ratings upgraded by Moody’s
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This positive rating action was driven by Moody’s Investors Service (Moody's) decision to upgrade Emirates NBD’s Baseline Credit Assessment, reflecting the Group’s resilient and higher profitability coupled with improved loan diversification.
Moody's has upgraded Emirates NBD's long-term ratings to A2 from A3 and short-term ratings to P-1 from P-2. Moody's has maintained the stable outlook on the Group's ratings.
This positive rating action was driven by Moody’s Investors Service (Moody's) decision to upgrade Emirates NBD’s Baseline Credit Assessment, reflecting the Group’s resilient and higher profitability coupled with improved loan diversification.
Shayne Nelson, group CEO, Emirates NBD said: “We are delighted that Emirates NBD’s strong balance sheet, resilience and improving profitability have been recognised by Moody’s with this uplift in credit ratings. Emirates NBD is proud to use this strength to support the UAE 50 Economic Plan to boost the national economy, develop the local business environment and strengthen the position of UAE companies globally.”
Moody's expects that the rising interest environment will be beneficial for growth in Emirates NBD's profitability. These upgrades also capture the Group's solid capitalisation, funding and liquidity. — business@khaleejtimes.com
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