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Moody's assigns B1(hyb) rating to Emirates NBD’s $1bn securities

Moody's assigns B1(hyb) rating to Emirates NBD’s $1bn securities
The rating is attributed to the bank’s standalone creditworthiness
Emirates NBD
EMIRATESNBD
2.65% 11.60 0.30

Abu Dhabi – Mubasher: Moody's Investors Service has assigned a B1(hyb) rating to the $1 billion perpetual non-cumulative Additional Tier 1 (AT1) capital securities issued by Emirates NBD.

The rating assigned to the AT1 securities is attributed to the bank’s standalone creditworthiness, Moody's said in a statement.

“The B1(hyb) rating assigned to the AT1 securities is based on ENBD's standalone creditworthiness and is positioned three notches below the bank's baseline credit assessment (BCA) and Adjusted BCA of ba1, in accordance with Moody's standard notching guidance for contractual non-viability preferred securities with optional non-cumulative coupon suspension.”

The UAE’s leading bank Emirates NBD achieved a year-on-year increase of 15% in net profit to AED 2.7 billion during the first quarter of 2018, up 15% when compared to the fourth quarter of 2018.