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Rating Action:

Moody's places the ratings of United Arab Bank under review for downgrade; extends the review for downgrade on National Bank of Oman's ratings

22 Mar 2016

Action follows the placement of the minority shareholder Commercial Bank's ratings under review for downgrade

London, 22 March 2016 -- Moody's Investors Service, ("Moody's") has today placed the baa3 adjusted baseline credit assessment (BCA) and Baa2 long-term deposit rating of United Arab Bank PJSC (UAB) under review for downgrade. Moody's has also placed the baa3 adjusted BCA of National Bank of Oman Limited (SAOG) (NBO) under review for downgrade, and extended the current review for downgrade on the bank's Baa1 long-term deposit rating.

This action follows the placement of the ratings of The Commercial Bank (Q.S.C.) (CBQK) under review for downgrade on 7 March 2016. The action on CBQK (A1/Rating Under Review, Prime-1, BCA baa2) reflects both (i) the potential weakening of Qatar government's capacity to support the banks, as indicated by the review for downgrade on its issuer rating and (ii) the potential impact of weakening operating conditions on the bank's standalone credit profile (please see "Moody's takes rating actions on 26 GCC banks"). CBQK has a 40% stake in UAB and a 35% stake in NBO.

At the same time, Moody's has today affirmed the ba1 BCA of UAB and the ba1 BCA of NBO. This reflects Moody's view that the potential weakening in CBQK's creditworthiness does not affect the standalone credit profile of both affiliates.

The placement under review for downgrade of UAB's long-term ratings and the extensionof the review for downgrade on NBO's long-term ratings incorporate:

(i) The potential downwards change in Moody's affiliate support assumptions for UAB and NBO that could result from a downgrade in CBQK's BCA, and

(ii) The potential upwards reassessment in Moody's government support assumptions for UAB and NBO that could result from a lowering of our affiliate support assumptions.

UAB is a UAE bank with a 1% market share in terms of total assets as of year-end (YE) 2015. NBO is an Omani bank with a 11% market share in terms of total assets as of YE 2015.

A list of affected ratings appears towards the end of this press release.

RATINGS RATIONALE

--- AFFILIATES' REVIEW FOR DOWNGRADE ALIGNED WITH COMMERCIAL BANK REVIEW

United Arab Bank PJSC

The negative outlook on UAB's long-term ratings assigned on 17 February 2016 was in line with the negative outlook on the ratings of CBQK, indicating a potential weakening in the minority shareholder's capacity to support its affiliate UAB.

The review for downgrade on UAB's baa3 adjusted BCA and Baa2 long-term deposit rating is again in line with the review for downgrade now outstanding on CBQK's ratings, reflecting Moody's assessment that the minority shareholder capacity to support its affiliate UAB may weaken.

National Bank of Oman Limited (SAOG)

The review for downgrade on the long-term ratings of NBO initiated on 3 March 2016 is in line with the review for downgrade outstanding on Oman government's issuer rating, reflecting the potential for further decline in the government support capacity and Moody's potential reassessment of willingness of government support during the review period.

The review for downgrade on NBO's ratings now also incorporates the review for downgrade on CBQK's ratings, as indicated by the placement of NBO's baa3 adjusted BCA under review for downgrade. This reflects Moody's assessment that the minority shareholder capacity to support its affiliate NBO may weaken.

--- REASSESSMENT OF GOVERNMENT SUPPORT ASSUMPTIONS

Moody's review for downgrade on UAB and NBO's ratings will also determine the extent to which an upwards reassessment of the government support assumptions for the banks insulates them from the need to downgrade the long-term deposit ratings as a consequence of lower affiliate support assumptions.

This reflects Moody's assessment of a lower probability of need for the government to extend support to banks already benefiting from affiliate support.

--- AFFIRMATION OF UAB AND NBO'S STANDALONE CREDIT PROFILES

The affirmation of UAB and NBO's ba1 BCAs reflects Moody's assessment that the potential weakening in CBQK's creditworthiness - indicated by the review for downgrade on its ratings - does not affect the affiliates' standalone credit profile.

WHAT COULD CHANGE THE RATINGS UP

United Arab Bank PJSC

Upwards pressure on UAB's ratings is limited given the review for downgrade on its ratings.

An upwards reassessment of the UAE government support assumptions in the event of a reduction of the affiliate support assumptions at the end of the review period could result in an affirmation of UAB's ratings, despite a downgrade of the minority shareholder's BCA and long-term ratings.

National Bank of Oman Limited (SAOG)

Upwards pressure on NBO's ratings is limited given the review for downgrade on its ratings.

A stabilisation of Oman government issuer rating's outlook to stable at the end of the review period could stabilise the outlook on the NBO's ratings.

An upwards reassessment of the Oman government support assumptions in the event of a reduction of the affiliate support assumptions at the end of the review period could result in an affirmation of NBO's ratings, despite a downgrade of the minority shareholder's BCA and long-term ratings.

WHAT COULD CHANGE THE RATINGS DOWN

United Arab Bank PJSC

Downwards pressure on UAB's ratings could develop through (1) a weakening of the minority shareholder (CBQK)'s capacity to support UAB, as a rating downgrade of the minority shareholder's BCA at the end of the review period would imply; and/or (2) continued and significant weakening in asset risk and profitability metrics, and/or (3) a material decline in capitalisation buffers.

National Bank of Oman Limited (SAOG)

Downward pressure on NBO's ratings could develop through: (1) a further weakening of the Omani government's capacity to provide support, as a downgrade of Oman government's issuer rating at the end of the Sovereign review period would imply, and/or (2) a reassessment of the willingness of the government to provide support, which a shift in policy to protect the government's own creditworthiness would signal; and/or (3) a weakening of the minority shareholder (CBQK)'s capacity to support NBO, as a rating downgrade of the minority shareholder's BCA at the end of the review period would imply.

LIST OF AFFECTED RATINGS

Issuer: United Arab Bank PJSC

..Placed on Review for Downgrade:

.... Long-term Counterparty Risk Assessment, Baa1(cr)

.... Short-term Counterparty Risk Assessment, P-2(cr)

.... Long-term Deposit Ratings, Baa2 outlook changed to Rating under Review from Negative

.... Short-term Deposit Ratings, P-2

.... Adjusted Baseline Credit Assessment, baa3

..Affirmations:

.... Baseline Credit Assessment, affirmed ba1

..Outlook Actions:

....Outlook changed to Rating under Review from Negative

..Issuer: National Bank of Oman Limited (SAOG)

..Extended Review for Downgrade:

.... Long-term Bank Deposits, Baa1, Rating under Review

.Short-term Bank Deposits, P-2

.... Senior Unsecured Regular Bond/Debenture, Baa1, Rating under Review

.... Senior Unsecured MTN, (P)Baa1

.... Long-term Counterparty Risk Assessment, A3(cr)

..Placed on Review for Downgrade:

.... Adjusted Baseline Credit Assessment, baa3

.. Affirmations:

. Baseline Credit Assessment, ba1

PRINCIPAL METHODOLOGY

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

The Local Market analyst for this rating 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.

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.

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.

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.

Armen L. Dallakyan
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 places the ratings of United Arab Bank under review for downgrade; extends the review for downgrade on National Bank of Oman's ratings
No Related Data.
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