The house offers glimpses into the sustainability practices of Emiratis that have been handed down generations
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.
A total of 23 market announcements were recorded during Abu Dhabi Finance Week
Sara, Maya and Aasiya win Under-15 gold as AE’s Ladies and Under-18 boys claim silver at Riyadh Golf Club showpiece
The measure coincides with the UAE’s Union Day celebrations and its hosting of the UN Climate Change Conference COP28
CEO says the company is working to boost its total production capacity and exceed the target to achieve 100GW by 2030
‘We have no time to waste,’ COP28 president Al Jaber tells the world
Sheikh Hamdan said that this is an exceptional mission for the sake of the planet and our future generation