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Rating Action:

Moody's assigns Counterparty Risk Ratings to 46 banks in Bahrain, Kuwait, Oman, Qatar and United Arab Emirates

27 Jun 2018

Ratings are assigned following June 2018 update to Moody's Banks rating methodology

Limassol, June 27, 2018 -- Moody's Investors Service ("Moody's") has today assigned Counterparty Risk Ratings (CRR) to 46 rated banks and their branches. These banks are domiciled in the following five countries: Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates (UAE).

Moody's CRR are opinions of the ability of entities to honour the uncollateralised portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honoured. CRR liabilities typically relate to transactions with unrelated parties. Examples of CRR liabilities include the uncollateralised portion of payables arising from derivatives transactions and the uncollateralised portion of liabilities under sale and repurchase agreements. CRRs are not applicable to funding commitments or other obligations associated with covered bonds, letters of credit, guarantees, servicer and trustee obligations, and other similar obligations that arise from a bank performing its essential operating functions.

RATINGS RATIONALE

In assigning CRRs to the banks and branches subject to this rating action, Moody's starts with the banks' adjusted Baseline Credit Assessment (BCA) and uses the agency's basic Loss-Given-Failure (LGF) approach which is applied to banks in jurisdictions without operational resolution regimes. For these banks Moody's believes that CRR liabilities have a lower probability of default than the banks' deposit and senior unsecured debt, where such ratings are assigned, as they will more likely be preserved in order to minimise banking system contagion, minimise losses and avoid disruption of critical functions. For this reason, Moody's assigns the CRR, prior to government support, one notch above the adjusted BCA, unless the adjusted BCA is already two notches above the government rating.

Furthermore for these banks, Moody's considers the likelihood of government support for CRR liabilities to be in line with Moody's support assumptions on deposits and senior unsecured debt, resulting in additional notches of uplift from their respective adjusted BCAs, reflecting each bank's importance to its domestic banking system. The CRR liabilities will not benefit from any government support if the CRR, prior to government support, is already at or above the government rating level.

The following ratings were assigned:

-- BAHRAIN

- BBK B.S.C.

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba3

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

- Bahrain Islamic Bank B.S.C.

Local currency and foreign currency long-term Counterparty Risk Ratings of B1

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

- Khaleeji Commercial Bank B.S.C.

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba3

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

- National Bank of Bahrain BSC

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba3

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

-- BAHRAIN (offshore)

- Gulf International Bank BSC

Foreign currency long-term Counterparty Risk Ratings of Baa1

Foreign currency short-term Counterparty Risk Ratings of P-2

-- KUWAIT

- Al Ahli Bank of Kuwait K.S.C.P.

Local currency and foreign currency long-term Counterparty Risk Ratings of A1

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Ahli United Bank K.S.C.P

Local currency and foreign currency long-term Counterparty Risk Ratings of A1

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Boubyan Bank K.S.C.P.

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Burgan Bank K.P.S.C.

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Commercial Bank of Kuwait K.P.S.C.

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Gulf Bank K.S.C.P.

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Kuwait Finance House K.S.C.P.

Local currency and foreign currency long-term Counterparty Risk Ratings of A1

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- National Bank of Kuwait S.A.K.P.

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- WARBA Bank K.S.C.P.

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa1

Local currency and foreign currency short-term Counterparty Risk Ratings of P-2

-- OMAN

- Bank Dhofar SAOG

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-3

- Bank Muscat SAOG

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-2

- Bank Nizwa SAOG

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba1

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

- Bank Sohar SAOG

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba1

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

- National Bank of Oman Limited (SAOG)

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-3

- HSBC Bank Oman SAOG

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-2

- Oman Arab Bank (SAOC)

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-3

-- QATAR

- Ahli Bank Q.S.C.

Local currency and foreign currency long-term Counterparty Risk Ratings of A1

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Al Khalij Commercial Bank (al khaliji) PQSC

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Barwa Bank Q.S.C.

Local currency and foreign currency long-term Counterparty Risk Ratings of A1

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Doha Bank Q.P.S.C

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- International Bank of Qatar (Q.S.C.)

Local currency and foreign currency long-term Counterparty Risk Ratings of A1

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Masraf Al Rayan (Q.P.S.C.)

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Qatar International Islamic Bank (Q.S.C.)

Local currency and foreign currency long-term Counterparty Risk Ratings of A1

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Qatar Islamic Bank Q.P.S.C.

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Qatar National Bank (Q.P.S.C.)

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- The Commercial Bank (P.S.Q.C.)

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

-- UNITED ARAB EMIRATES (UAE)

- Abu Dhabi Commercial Bank

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Abu Dhabi Islamic Bank

Local currency and foreign currency long-term Counterparty Risk Ratings of A1

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Al Hilal Bank PJSC

Local currency and foreign currency long-term Counterparty Risk Ratings of A1

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Commercial Bank of Dubai PSC

Local currency and foreign currency long-term Counterparty Risk Ratings of A3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-2

- Dubai Islamic Bank PJSC

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Emirates NBD PJSC

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- First Abu Dhabi Bank PJSC

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- HSBC Bank Middle East Limited

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- Invest bank P.S.C.

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa3; placed on review for downgrade

Local currency and foreign currency short-term Counterparty Risk Ratings of P-3; placed on review for downgrade

- MashreqBank psc

Local currency and foreign currency long-term Counterparty Risk Ratings of A3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-2

- National Bank of Fujairah PJSC

Local currency and foreign currency long-term Counterparty Risk Ratings of A3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-2

- Sharjah Islamic Bank PJSC

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- The National Bank of Ras Al-Khaimah (P.S.C.)

Local currency and foreign currency long-term Counterparty Risk Ratings of A3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-2

- Union National Bank PJSC

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3

Local currency and foreign currency short-term Counterparty Risk Ratings of P-1

- United Arab Bank PJSC

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa1

Local currency and foreign currency short-term Counterparty Risk Ratings of P-2

What Could Change the Rating Up/Down

The CRR may be upgraded if there is a strengthening in banks' operating environment or financial fundamentals in a way that will lead to an upgrade of their adjusted BCA or if Moody's revises upwards its assessment of authorities' willingness to provide support or if Moody's revises upwards its assessment of the government's capacity to provide support, captured by an upgrade in the sovereign ratings or related ceilings.

The CRR may be downgraded if there is a weakening in banks' operating environment or financial fundamentals in a way that will lead to a downgrade of their adjusted BCA or if Moody's revises downwards its assessment of authorities' willingness to provide support or if Moody's revises downwards its assessment of the government's capacity to provide support, captured by a downgrade in the sovereign ratings or related ceilings.

The CRR may also be impacted if the country, where banks operate in, implements an operational resolution regime.

The principal methodology used in these ratings was Banks published in June 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

The Local Market analyst for HSBC Bank Oman SAOG is Olivier Panis, +971.4.237.9533.

The Local Market analyst for Kuwait Finance House K.S.C.P, Abu Dhabi Islamic Bank, MashreqBank psc, Al Hilal Bank PJSC, Dubai Islamic Bank PJSC, First Abu Dhabi Bank PJSC, Qatar National Bank (Q.P.S.C.), Masraf Al Rayan (Q.P.S.C.), Al Khalij Commercial Bank (al khaliji) PQSC, Barwa Bank Q.S.C. and Qatar International Islamic Bank (Q.S.C.) is Nitish Bhojnagarwala, +971.4.237.9563.

The Local Market analyst for Abu Dhabi Commercial Bank, Ahli Bank Q.S.C., BBK B.S.C., Bahrain Islamic Bank B.S.C., Doha Bank Q.P.S.C, Gulf International Bank BSC, HSBC Bank Middle East Limited, International Bank of Qatar (Q.S.C.), Khaleeji Commercial Bank B.S.C., National Bank of Bahrain BSC, National Bank of Fujairah PJSC, Qatar Islamic Bank Q.P.S.C., Sharjah Islamic Bank PJSC and The Commercial Bank (P.S.Q.C.) is Ashraf Madani, +971.4.237.9542.

The Local Market analyst for Ahli United Bank K.S.C.P, Bank Dhofar SAOG, Bank Muscat SAOG, Bank Nizwa SAOG, Bank Sohar SAOG, Boubyan Bank K.S.C.P., Commercial Bank of Dubai PSC, Emirates NBD PJSC, Invest bank P.S.C., National Bank of Oman Limited (SAOG), Oman Arab Bank (SAOC), The National Bank of Ras Al-Khaimah (P.S.C.), Union National Bank PJSC, WARBA Bank K.S.C.P. and United Arab Bank PJSC ratings is Mik Kabeya, +971.4.237.9590.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Items color coded in purple in this Press Release relate to unsolicited ratings for a rated entity which is non-participating.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

The relevant office for each credit rating is identified in "Debt/deal box" on the Ratings tab in the Debt/Deal List section of each issuer/entity page of the website.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Nondas Nicolaides
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Sean Marion
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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