Abu Dhabi-Mubasher: Moody's Investors Service assigned Prime-1 short-term foreign and local currency ratings to the $5 billion Euro-commercial paper (ECP) programme of National Bank of Abu Dhabi (NBAD).

The rating agency upgraded NBAD’s long term bank deposits rating to Aa3 with a stable outlook and baseline credit assessment to A3, according to a recent report.

NBAD previously announced the successful launch of its inaugural $750 million additional Tier 1 perpetual bond on 10 June. It reported achieving multiple records in the process.

“The additional Tier 1 perpetual bond will further strengthen the bank’s capital position and is aligned to the bank’s objective of maintaining strong financial ratios to support the successful execution of its strategic growth objectives,” NBAD said, adding that the issuance was rated Baa3 by Moody’s and BBB- by S&P, making it the first ever Tier 1 Eurobond from the Middle East with two investment grade ratings.