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Announcement:

Moody's: UAE banks with largest exposures to Dubai World remain on review

27 Nov 2009

Other UAE banks' ratings and outlooks unchanged for now

DIFC, November 27, 2009 -- Based on an initial assessment of the exposures of rated banks in the United Arab Emirates (UAE) to Dubai World and its subsidiary Nakheel, Moody's Investors Service says that it will not implement any rating changes for now given that the banks that have sizeable exposures to Dubai World are either already on review for possible downgrade or carry a negative outlook on their deposit ratings. Moody's announcement is in response to the decision by the government of Dubai to seek a six-month "standstill" period for repaying the debts that are due by Dubai World, one of the largest Dubai government entities, and its subsidiary Nakheel, the property development company.

Moody's has reviewed the potential repercussions of the government's action for the standalone as well as supported ratings of UAE banks. The rating agency concludes that, if the repercussions remain confined to exposures to Dubai World and Nakheel, and based on current assumptions and expectations, UAE banks are likely to be able to absorb potential stress at their current rating levels.

Moody's notes that Dubai-based banks are generally more heavily exposed to Dubai World and Nakheel than their counterparts in Abu Dhabi, with the exception of Abu Dhabi Commercial Bank and First Gulf Bank, whose ratings carry negative outlooks. Indeed, the UAE banks that are on review for downgrade are Dubai-based banks: Emirates NBD, Mashreqbank, and Dubai Islamic Bank. (A full list of current UAE bank ratings is provided at the end of this release.)Moody's expects to complete the rating reviews over the coming weeks.

Although the recent developments have increased the likelihood of downgrades of bank financial strength ratings (BFSRs) for the banks that are already on review, Moody's notes that their debt and deposit ratings will continue to benefit from systemic support from the federal government of the UAE.

Given the unclear and evolving situation, Moody's says that it will monitor developments and review all bank ratings in the event of a further escalation or spread of the credit event surrounding Dubai World and Nakheel to other areas. Today's comments by Moody's should therefore not be viewed as conclusive.

Moody's acknowledges the possibility that the proposed restructuring of Dubai World and Nakheel could be a sign that the Dubai government may allow other government-related issuers to restructure or even default on their obligations. If this is proven to be the case, such an eventuality could have major repercussions on the banks' financial strength ratings in the country and possibly the region, as other non-UAE based banks as well as foreign banks are heavily exposed to Dubai's government-related issuers, known collectively as "Dubai Inc." However, Moody's also acknowledges that the stand-still period for negotiating debt and restructuring of Dubai World and Nakheel could potentially leave the Dubai government in a better position to support its other government-related companies.

Moody's has no reason to believe that the UAE's federal government would abstain from supporting banks in Dubai or in other emirates. However, Moody's assessments impute higher probabilities of support for banks owned by the government of Abu Dhabi due to stronger local government support, in addition to the federal support. The rating agency observes that the Abu Dhabi government, which holds the bulk of the federation's oil reserves and is the main contributor to UAE's gross domestic product, has demonstrated a strong willingness and ability to provide support to its local banks. Moody's notes, however, that a change in the likely support assumptions could negatively impact on the debt and deposit ratings of the banks.

The principal methodologies used in rating UAE banks were "Bank Financial Strength Ratings: Global Methodology" (February 2007) and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007), which can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Moody's previous rating action on UAE banks was implemented on 10 August 2009, when the rating agency performed asset quality stress tests and placed three banks on review for downgrade: Emirates NBD (which at the time comprised Emirates Bank International and National Bank of Dubai), Mashreqbank and Dubai Islamic Bank.

Moody's ratings for UAE banks remain as follows:

Abu Dhabi Commercial Bank:

- Bank Financial Strength Rating (BFSR) of C-; negative outlook.

- 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.

All Long-term ratings carry negative outlook.

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.

All Ratings carry stable outlook.

Commercial Bank of Dubai:

- BFSR of D+.

- Global Local Currency Deposit Ratings of A2/Prime-1.

- Foreign Currency Deposit Ratings of A2/Prime-1.

All ratings carry a stable outlook.

Dubai Bank:

- BFSR of D.

- Global Local Currency Issuer Ratings of A3/Prime-2.

- Foreign Currency Issuer Ratings of A3/Prime-2.

- Foreign Currency Debt Rating for senior debt obligations (Sukuk) of A3.

All ratings carry a stable outlook.

Dubai Islamic Bank:

- BFSR of D+; on review for possible downgrade.

- 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.

All long-term ratings are under review for possible downgrade.

Emirates NBD PJSC:

- BFSR of C-; on review for possible downgrade.

- 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.

All long-term ratings are under review for possible downgrade.

First Gulf Bank:

- BFSR of D+; negative outlook.

- 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

All Long-term ratings carry a negative outlook.

HSBC Bank Middle East Ltd

- BFSR of C; stable outlook.

- 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.

All long-term ratings carry a negative outlook.

HSBC Bank Middle East Ltd (UAE Branches):

- Global Local Currency Deposit Ratings of Aa3 (negative outlook) and Prime-1.

MashreqBank:

- BFSR of C-; on review for possible downgrade.

- 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.

All long-term ratings are under review for a possible downgrade.

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.

All ratings carry stable outlook.

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.

All ratings carry a stable outlook.

National Bank of Umm Al-Qaiwain:

- BFSR of D.

- Global Local Currency Deposit Ratings of Baa2/Prime-2.

- Foreign Currency Deposit Ratings of Baa2/Prime-2.

All ratings carry a stable outlook.

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.

All ratings carry a stable outlook.

Limassol
Mardig Haladjian
General Manager
Financial Institutions Group
Moody's Investors Service Cyprus Limited
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

DIFC
John Tofarides
Analyst
Financial Institutions Group
Moody's Middle East Ltd.
Telephone: +971-44-01-9536

Moody's: UAE banks with largest exposures to Dubai World remain on review
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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