Moody's assigns Aa3 to Abu Dhabi notes

Moody's Investors Service said it assigned an Aa3 rating to the senior unsecured notes to be issued by Abu Dhabi Commercial Bank under a euro medium-term note program of $2.5 billion.

At the same time, the agency said it has upgraded to D from D- the bank's financial strength rating with a positive outlook.

The outlook for the bank's A1/prime-1 foreign currency deposit ratings remains at stable.

Moody's said it has considered the bank's importance in the domestic financial system, its intrinsic financial strength and its major ownership by the government.

The agency said it also takes into account the significant improvement in the bank's financial fundamentals as well as the strengthening in its domestic banking system during the past 18 months.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.