Moody's may upgrade three United Arab Emirates banks

Moody's Investors Service said it placed on review for possible upgrade the A1 long-term foreign-currency deposit ratings assigned to National Bank of Abu Dhabi and Abu Dhabi Commercial Bank, both domiciled in the United Arab Emirates.

The agency also placed on review for possible upgrade the A1 long-term foreign-currency deposit rating assigned to the United Arab Emirates branches of HSBC Bank Middle East Ltd.

The review stems from Moody's recent placement of the United Arab Emirates' A1 long-term foreign-currency bank deposit ceiling on review for a possible upgrade. The ratings of the three bank are currently constrained by the ceiling and may be upgraded if the ceiling is upgraded.

The agency said the ratings of National Bank of Abu Dhabi and Abu Dhabi Commercial Bank reflect the banks' intrinsic financial strength, their systemic importance to the domestic banking system and their majority ownership and close association with the government of Abu Dhabi, the wealthiest of the seven emirates that form the United Arab Emirates. HSBC Bank Middle East's rating reflects a strong degree of external support from its 100% owner, HSBC Holdings plc.

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