Mubasher: Moody's Investors Service assigned local and foreign currency issuer ratings of Aa3/P-1 to First Abu Dhabi Bank USA (FAB USA).
The ratings agency has also assigned a stable outlook to the long-term issuer ratings, according to a report issued on Thursday.
FAB USA, which is incorporated in Curacao (Netherlands), is a wholly owned subsidiary of First Abu Dhabi Bank PJSC (FAB) based in the United Arab Emirates (UAE), which has long-term local and foreign currency deposit ratings of Aa3 with a stable outlook, short-term local and foreign currency deposit ratings of P-1, and Baseline Credit Assessment/BCA of a3.
Moody’s attributed its rating to the full, irrevocable and unconditional guarantee provided by FAB for all of FAB USA's liabilities, including the Washington branch.
FAB expressly waives all defenses available against the payment of obligations being guaranteed.
Consequently, the issuer ratings assigned are in line with those of FAB reflecting the full risk transfer, Moody’s explained.