Dubai – Mubasher: Moody's Investors Service has affirmed the long- and short-term foreign currency deposit ratings of Emirates NBD and Turkey’s Denizbank A.S. at A3/Prime-2 and Ba3/NP, respectively.

The international rating agency also affirmed the bank’s long- and short-term local currency deposit ratings at A3/Prime-2 and Ba2/NP, respectively, according to a company statement released on Wednesday.

“Moody's has affirmed ENBD and Denizbank' Baseline Credit Assessments (BCAs) of ba1 and ba3 respectively and their adjusted BCA of ba1 and ba2 respectively,” the US-based business and financial services company revealed.

The New York-based rating agency maintained its outlook on Emirates NBD’s long-term deposit rating at stable, while keeping a negative outlook on Denizbank’s long-term deposit rating.

“These rating actions follow ENBD and Sberbank's public announcement that they have entered into a definitive agreement for ENBD's acquisition of Sberbank's 99.85% stake in Denizbank. The acquisition, which is subject to regulatory approvals, is expected to be completed by the end of 2018,” Moody’s said.