Long- & short-term counterparty ratings raised to 'AA-/A-1+' and "Stable" outlook affirmed
Abu Dhabi (October 10, 2013)
Standard & Poor's Ratings Services (S&P) has raised the National Bank of Abu Dhabi's (NBAD) credit rating based on the strong link with the Government of Abu Dhabi and the important role the bank plays within Abu Dhabi. S&P raised NBAD's long- and short-term counterparty credit ratings on NBAD to 'AA-/A-1+' from 'A+/A-1'. The credit rating agency also affirmed NBAD's "Stable" outlook.
"We are very pleased that S&P has upgraded our credit rating to 'AA-'," said Alex Thursby, NBAD's Group Chief Executive Officer. "All three major credit rating agencies now rate us one notch below the 'AA' sovereign rating for the Emirate of Abu Dhabi. This is a tribute to our strong balance sheet and capital position as well as our strong risk management processes. Today's announcement brings us one step closer to achieving our vision, 'To be recognised as the World's Best Arab Bank'."
In the report summarising its decision regarding NBAD, S&P said, "We now classify NBAD as a government-related entity (GRE) with a 'very strong' link to and 'very important' role for the Government of Abu Dhabi." S&P cited the government's 70% stake in NBAD through the Abu Dhabi Investment Council and the government's "significant interest and business relationship with the bank"..
Commenting on the "Stable" outlook for the bank, S&P indicated that NBAD's "dominant domestic position" should enable it to generate strong profitability and operate with "very strong capitalisation".
NBAD's long-term ratings is amongst the strongest combined ratings of any financial institution in the MENA region with ratings from Moody's Aa3, Standard & Poor's (S&P) AA-, Fitch AA-, RAM (Malaysia) AAA, R&I's (Japan) rating of A+. Since 2009, NBAD has been ranked among the World's 50 Safest Banks and the Safest Bank in the Middle East by Global Finance.
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD).
Ranked as one of the top 50 safest banks in the world since 2009, NBAD currently operates across 17 countries on five continents. NBAD has a network of 125 branches and more than 580 ATMs to provide banking services to customers all over the UAE. Besides bricks & mortar branches, NBAD provides 24 hour internet banking access through NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre.
NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.
NBAD aims to support the long-term prosperity of our people, our customers and the communities in which we do business by being transparent and responsible. The Bank is ranked 3rd on the S&P/Hawkamah ESG Pan Arab Index out of the top 50 Pan Arab companies based on their performance on nearly 200 environment, social, and governance metrics.
NBAD is rated senior long term/short term AA-/A-1+by Standard & Poor's (S&P), Aa3/P1 by Moody's, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any Middle Eastern financial institution.
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© Press Release 2013