Dubai – Mubasher: Moody's Investors Service (Moody's) has upgraded the long-term deposit and senior unsecured ratings of Emirates NBD to 'A2' from 'A3' and short-term deposit ratings to 'P-1' from 'P-2', with a stable outlook.
Upgrading the bank's ratings shows the rating agency's unchanged assumption of a very high probability of government support, the Dubai government's 55.8% ownership stake in ENBD, and the bank's position in the local financial system, according to a press release on Thursday.
Meanwhile, the stable outlook reflects the bank's credit profile and Moody's view that the economic conditions in the UAE will continue supporting the bank's strong profitability, capital, and liquidity buffers.
It is noteworthy to mention that in the first quarter (Q1) of 2022, the bank's net profits leaped by 18% to AED 2.70 billion, compared to AED 2.30 billion in Q1-21.
