Moody’s Investor Service, the credit rating agency, affirmed on Wednesday the credit assessments of Emirates NBD and Denizbank at ba1 and ba3 respectively. This follows the announcement that Emirates NBD will acquire Denizbank for $3.2 billion.

Moody’s also maintained the outlooks on the bank’s long-term deposit ratings at stable for Emirates NBD and negative for Denizbank. The affirmation of the credit rating reflects Moody’s view that the acquisition has the potential to improve ENBD’s profitability and reduce its credit concentration to the Dubai government.