Moody’s changes view on eight United Arab Emirates banks

Moody’s Investors Service said it changed the outlooks to negative from stable and affirmed the long-term ratings of eight United Arab Emirates-based banks: Emirates NBD PJSC, Abu Dhabi Commercial Bank, Dubai Islamic Bank PJSC, MashreqBank psc, HSBC Bank Middle East Ltd., Abu Dhabi Islamic Bank, the National Bank of Ras-Al-Khaimah (RAKbank) and National Bank of Fujairah PJSC

“The change of outlook to negative from stable reflects the potential material weakening in their standalone credit profiles, amid a challenging operating environment in the UAE due to the coronavirus outbreak, low oil prices and pre-existing economic challenges,” Moody’s said in a press release.

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