Mubasher: Moody's Investors Service changed the outlook on the long-term deposit ratings of UAE-based First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), and Union National Bank (UNB), and Abu Dhabi Islamic Bank’s (ADIB) long-term issuer ratings to "Stable" from "Negative", according to a statement.
The outlook on AHB's long-term ratings remains "Negative". In addition, the "ba2" baseline credit assessment (BCA) and adjusted BCA, and "Prime-1" short-term issuer ratings of Al Hilal Bank were also affirmed.
The ratings agency affirmed the long-term ratings of FAB at "Aa3", ADIB at "A2", and ADCB, AHB, and UNB at "A1".
The action follows Moody's decision on 27 May to affirm the UAE's government issuer rating at "Aa2", and change the outlook to "Stable" from "Negative" in 2017.
