Moody's reviews Tamweel ratings

Moody's Investors Service said it placed Tamweel PJSC's A3 long-term and prime-2 short-term issuer ratings on review with direction uncertain, along with the A3 rating on its senior unsecured debt - namely its AED1.1 billion sukuk trust certificates due 2013.

The ratings on the various tranches issued by Tamweel Residential ABS CI (1) Ltd. due 2037 remain unchanged.

The action was triggered by news that Tamweel and its direct Dubai-based competitor Amlak Finance would be merged under Real Estate Bank, which is fully owned by the Ministry of Finance of the United Arab Emirates Federation.

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