Moody’s rates Emirates NBD notes B1(hyb)

Moody's Investors Service said it assigned a B1(hyb) rating to the $1 billion perpetual non-cumulative additional tier 1 capital securities issued by Emirates NBD PJSC (A3 stable).

The payment obligations under the AT1 capital securities constitute direct, unsecured, conditional and subordinated obligations of the bank, the agency said.

The B1(hyb) rating is based on the bank’s standalone creditworthiness and is positioned three notches below the bank's baseline credit assessment and adjusted BCA of ba1, in line with Moody's standard notching guidance for contractual non-viability preferred securities with optional non-cumulative coupon suspension.

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