Moody’s affirmed the banks’ ratings but said the change of outlook reflected “the potential material weakening in their standalone credit profiles, amid a challenging operating environment in the UAE due to the coronavirus outbreak, low oil prices and pre-existing economic challenges.”
Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety.
The UAE Ministry of Health and Prevention on Saturday reported 388 new cases of the Covid-19 coronavirus, bringing the total number of confirmed cases in the country to 44,433. One new death was also reported.
(Writing by Seban Scaria, editing by Daniel Luiz)
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