Dubai: Emirates NBD announced on Wednesday that the company has decided to discontinue use of Standard & Poor's Investors Service for rating of its banking subsidiaries, Emirates Bank International PJSC (EBI) and National Bank of Dubai PJSC (NBD), the banking group said in a press release on Wednesday.
"Following the successful completion of the integration and the migration to the Emirates NBD core banking platform, all assets, liabilities and operations of Emirates Bank International and National Bank of Dubai have been assumed by Emirates NBD PJSC," the bank said.
"As a result, credit ratings are no longer required for these subsidiary entities and Emirates NBD will utilise the services of three industry credit rating agencies Fitch Ratings, Moody's and Capital Intelligence, who either have a presence in or long-standing coverage of the UAE, to provide independent monitoring and rating of its financial strength."
Earlier this week, Dubai Holding Commercial Operations Group LLC dropped Standard & Poor's as its rating company citing a "lack of understanding of the business, its operations and relationship with the Government of Dubai."
