Dubai – Mubasher: Moody's Investors Service has affirmed the long- and short- term foreign and local currency issuer ratings of Dubai Islamic Bank (DIB) at A3/P-2.
The New York-based credit rating company has also maintained DIB's baseline credit assessments (BCA) and adjusted BCA at ba2, according to a press release.
The outlook on the bank's long-term issuer ratings remains stable, in line with the stable outlook of the UAE with issuer rating at Aa2.
DIB's $750 million additional tier 1 capital certificates issued by DIB Tier 1 Sukuk (3) Ltd were rated for the first time by Moody’s at B2(hyb).
Moody’s also confirmed the bank’s long-term counterparty risk ratings at A2, while its short-term counterparty risk ratings were affirmed at P-1.
Moreover, long-term counterparty risk assessment was affirmed at A2(cr) and short-term counterparty risk assessment was confirmed at P-1(cr), Moody’s said.
These ratings come after DIB announced that the acquisition Noor bank is subject to regulatory and shareholder approvals.
Once approved, Noor bank’s assets and liabilities will be transferred to DIB, the American financial services company indicated, pointing out that the acquisition will boost DIB’s DIB's position as the fourth largest bank in the system.
