Dubai – Mubasher: Capital Intelligence Ratings (CI Ratings) has maintained the long-term foreign currency rating (LT FCR) and short-term foreign-currency Rating (ST FCR) of Emirates NBD at 'A+' and 'A1', respectively.
CI Ratings also affirmed Emirates NBD’s bank standalone rating (BSR) at 'bbb', core financial strength (CFS) rating at 'a-', and extraordinary support level (ESL) at ‘Very High,’ according to a statement on Thursday. The outlook for the LT FCR and BSR is stable.
This reflects CI’s expectation for a stable outlook over the coming 12 months. The credit rating agency also expects economic disruptions caused by the coronavirus (COVID-19) pandemic and the fall in oil prices to have a negative impact on the financial position of all banks in the GCC nation.
“However, given ENBD's good financial fundamentals there is a high probability that its standalone credit profile will strengthen to pre-crisis levels in the recovery phase of the business cycle.”
