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Rating Action:

Moody's confirms ratings of 5 United Arab Emirates (UAE) banks and assigns negative outlooks

16 May 2016

Bank rating actions follows confirmation of the UAE Government rating, concludes review

London, 16 May 2016 -- Moody's Investors Service ("Moody's") has today confirmed the long-term ratings of five UAE banks. The short-term issuer ratings of one bank were also confirmed. In addition, all the banks' ratings have been placed on negative outlook.

The action concludes Moody's review for downgrade of five UAE banks' ratings that was initiated on 7 March 2016 and follows Moody's confirmation of UAE government issuer rating at Aa2, with a negative outlook, on 14 May 2016. The negative outlook on the sovereign rating reflects the ongoing negative pressure of lower oil prices on the UAE's fiscal position and economic strength (please see "Moody's confirms the UAE's Aa2 issuer rating and assigns negative outlook, concluding review for downgrade"; https://www.moodys.com/research/--PR_346833).

Moody's decision to confirm the ratings of five UAE banks is underpinned by the continued capacity and willingness of the government to provide support to the banks in times of stress as indicated by the confirmation of the Aa2 rating. The negative outlook mirrors the negative outlook on the sovereign rating and captures UAE's fiscal pressures, which may weaken its capacity to provide support over time.

The affected entities are: National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB), Union National Bank PJSC (UNB), Al Hilal Bank PJSC (AHB) and Abu Dhabi Islamic Bank (ADIB).

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_189937 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_189937 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Methodologies Used

• Local Market Analyst

--- CONTINUED UAE GOVERNMENT SUPPORT CAPACITY

The primary driver underpinning today's confirmation of the five UAE banks' long term ratings as well as ADIB's short term issuer ratings is the UAE government's resilient fiscal capacity to provide support, as indicated by the confirmation of its sovereign bond ratings at Aa2 with a negative outlook.

The banks' senior unsecured long and short-term ratings benefit from Moody's support assumptions, which take into account the willingness and capacity of a government to provide support to banks in times of stress. The confirmation of the sovereign rating indicates that this capacity currently remains broadly unchanged, and Moody's view on the willingness of government support also remains unchanged at 'very high' for the five banks.

--- RATINGS OUTLOOK

Moody's has assigned a negative outlook to the ratings of NBAD (Aa3), ADCB (A1), UNB (A1), AHB (A1) and ADIB (A2). The negative outlook on the banks' long-term ratings mirrors the negative outlook on UAE's rating, which signals that the capacity of the government to provide support may weaken in the future. In contrast with other banks in the system that carry stable outlooks, these five banks are closer to the government's own rating level and already benefit from a higher degree of support, hence, making their ratings more sensitive to changes in the government's credit strength.

WHAT COULD CHANGE THE RATINGS - UP

Upwards pressure on the five UAE banks' deposit and issuer ratings is limited given the negative outlook on the ratings. However, the outlook on the ratings may change to stable, should the government's rating outlook also stabilise.

WHAT COULD CHANGE THE RATINGS - DOWN

Downward pressure on the banks' supported ratings could develop through a future weakening of the UAE government's capacity to provide support and/or any reassessment of the willingness of the government to provide support, either to protect its own creditworthiness or to reflect a more selective approach in the provision of support.

Downward pressure on the banks' standalone ratings could develop in the event of (1) a deterioration in the operating environment that may result in lowering the Macro Profile of the UAE, and (2) a material deterioration in financial fundamentals, putting pressure on solvency and/or liquidity metrics.

The principal methodology used in these ratings was Banks published in January 2016. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

The local market analyst for National Bank of Abu Dhabi, National Bank of Abu Dhabi, Hong Kong Branch, National Bank of Abu Dhabi, London Branch, Al Hilal Bank PJSC, AHB Sukuk Company Ltd., Abu Dhabi Islamic Bank and ADIB Sukuk Company Ltd. ratings is Nitish Bhojnagarwala, AVP-Analyst, Financial Institutions, Journalist: 44 20 7772 5456, Subscribers: 44 20 7772 5454.

The local market analyst for Abu Dhabi Commercial Bank, ADCB Finance (Cayman) Limited and ADCB ISLAMIC FINANCE (CAYMAN) LIMITED ratings is Olivier Panis, VP-Senior Credit Officer, Financial Institutions, Journalist: 44 20 7772 5456, Subscribers: 44 20 7772 5454.

The local market analyst for Union National Bank PJSC ratings is Mik Kabeya, Analyst, Financial Institutions, Journalist: 44 20 7772 5456, Subscribers: 44 20 7772 5454.

REGULATORY DISCLOSURES

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_189937 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Releasing Office

• Person Approving the Credit Rating

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.

The ratings of rated entity Abu Dhabi Commercial Bank were not initiated or not maintained at the request of the rated entity.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. On this basis, Abu Dhabi Commercial Bank or their agents are considered to be non-participating entities. These rated entities or their agents generally do not provide Moody's with information for the purposes of their ratings process.

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.

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 analyst and the Moody's legal entity that has issued the ratings.

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

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.

Akin Majekodunmi
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Sean Marion
Managing Director
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's confirms ratings of 5 United Arab Emirates (UAE) banks and assigns negative outlooks
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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

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