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Fitch Affirms Strong Rating to NBAD
ABU DHABI - Fitch Ratings has affirmed the National Bank of Abu Dhabi’s or NBAD strong rating, basing its decision on robust management and the performance during the global financial crisis. Fitch affirmed Long-term Issuer Default Rating (IDR) at ‘AA-’ with a Stable Outlook.
The credit rating agency has also affirmed NBAD’s Short-term IDR at ‘F1+’, Support Rating at ‘1’ and Support Rating Floor at ‘AA-’.
The Individual Rating is affirmed at ‘B/C’, by Fitch. NBAD is rated senior long term/short term A+/A-1 by Standard and Poor’s, Aa3/P1 by Moody’s and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.
The rating to Abu Dhabi owned, nation’s second largest lender has been awarded one week after Moody’s downgraded the ratings of six Abu Dhabi-linked corporates. Abu Dhabi owned Mubadala Development Company (Mubadala) got Aa3 / Prime-1, with stable outlook, from Aa2 / Prime-1 ;International Petroleum Investment Company (IPIC) had been given Aa3 / Prime-1, stable outlook, from Aa2 / Prime-1 The Tourism Development & Investment Company (TDIC) had been rated as A1 , stable outlook, from Aa2; Abu Dhabi National Energy Company (TAQA) to A3 / Prime-2, stable outlook, from Aa2 / Prime-1. Dolphin Energy (Dolphin) was downgraded to A1, with stable outlook, from Aa3. Aldar Properties to Ba1, negative outlook, from Baa2. The chief reason cited for the downgrade was the long term funding concerns despite strong government support.
In rating Abu Dhabi largest bank, Fitch said that the Individual Rating reflects the Bank’s strong domestic franchise, consistent profitability, relatively conservative risk profile and low funding costs, and its close links to the Abu Dhabi government which benefits it’s lending and funding profile.
haseeb@khaleejtimes.com
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