190127 emirates nbd
Emirates NBD recorded robust results for the first three months of 2022 and will expecting more gains as further rate hikes are formalised. Image Credit: Ahmed Ramzan/ Gulf News Archives

Dubai: Emirates NBD’s long-term rating has been upgraded to A2 from A3 by Moody’s, while the short-term ratings have risen to P-1 from P-2. Moody's has maintained the stable outlook on the Group's ratings.

This rating action was driven by Moody's decision to upgrade Emirates NBD’s baseline credit assessment, reflecting the ‘Group’s resilient and higher profitability coupled with improved loan diversification’, Emirates NBD said in a statement. Shayne Nelson, Group CEO at the Dubai bank, said: “We are delighted that Emirates NBD’s strong balance-sheet, resilience and improving profitability have been recognised by Moody’s with this uplift in credit ratings. Emirates NBD is proud to use this strength to support the UAE 50 Economic Plan to boost the national economy, develop the local business environment and strengthen the position of UAE companies globally.”

Moody's expects that the rising interest environment will be beneficial for growth in Emirates NBD's profitability. These upgrades also capture the Group's solid capitalisation, funding and liquidity.