Monday, Mar 31, 2014
Fujairah: National Bank of Fujairah (NBF) has received investment grade rating from Moody’s, according to a company note to the Abu Dhabi stock Exchange. The ratings agency assigned Baa1/Prime2 deposit rating to NBF and a standalone bank financial strength rating of D+, which is equivalent to a baseline credit assessment of ba1. All long term ratings carry stable outlook.
NBF’s standalone BCA reflects its (1) small but growing franchise in the UAE, supported by an improving risk management framework, (2) solid capitalisation metrics underpinned by stable profitability and (3) solid liquidity metrics depsite rapid asset growth. NBF’s Baa1 deposit rating incorporates a high three notches of uplift from the bank’s ba1 BCA, which reflects Moody’s assessment of a high probability of systemic support from UAE government, in case of need.
Staff Report
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