Abu Dhabi-Mubasher: Capital Intelligence Ratings (CI Ratings) announced on Monday that it has affirmed the Financial Strength Rating (FSR) of UAE’s National Bank of Abu Dhabi (NBAD) at ‘A+’.
CI noted that the rating is backed by NBAD’s good management, dominant position in the domestic market, strong international franchise, solid capital adequacy ratio (CAR), good liquidity, and high level of relatively low-risk assets on the balance sheet, according to an issued statement.
NBAD’s Long- and Short-Term Foreign Currency Ratings (FCRs) were affirmed at ‘AA-’ and ‘A1+’ respectively, with a ‘Stable’ Outlook; CI clarified that these ratings are the same as those assigned to the sovereign.
“The Support Rating is maintained at ‘1’, reflecting the strength of the Bank’s ownership and the extremely high likelihood that official support would be forthcoming in case of need,” CI’s statement said, adding “The Bank has maintained its CAR and Tier one ratios at a solid level. Tier one perpetual notes issued to the Abu Dhabi government and other investors supplement the capital base.”
