Dubai – Mubasher:  Moody's Investors Service has affirmed the A1 senior unsecured (foreign) rating on the three outstanding notes of Union National Bank (UNB), with a stable outlook.

The rights and obligations of these notes were transferred to Abu Dhabi Commercial Bank (ADCB) following the legal completion of its merger with UNB on 1 May 2019, according to a statement.

The notes include $600 million senior unsecured notes due 2021, $300 million senior unsecured floating rate notes due 2022, and $500 million senior unsecured notes due 2023.

In March, ADCB’s general assembly approved its merger with UNB.