IslamicFinance.de

Press Release

Negative Rating Actions Taken On Four Dubai-Based Banks On Expected Asset Quality Deterioration

Standard & Poor's has concluded its review of Dubai-based banks, which has resulted in various negative rating actions.

We are lowering the ratings on Emirates Bank International PJSC, National Bank of Dubai, and Mashreqbank to 'A-/A-2' from 'A/A-1'.

We are lowering the long-term rating on Dubai Islamic Bank to 'BBB+' from 'A-' and affirming the 'A-2' short-term rating.

The negative outlooks on all these banks reflect the deteriorating operating environment in Dubai and the impact we expect it to have on the banks' financial profiles.