Abu Dhabi – Mubasher: Moody's Investors Service (Moody's) has reaffirmed the credit rating of National Bank of Ras Al Khaimah (RAKBANK) at Baa1/P-2, with a negative outlook.

The obligations rated at the medium grade Baa are subject to moderate credit risks and may have speculative characteristics, according to the bank's disclosure to Abu Dhabi Securities Exchange (ADX) on Sunday.

In the first quarter (Q1) of 2020, the bank's net profits dropped by 43.2% to AED 153.5 million from AED 270.2 million in the same period of 2019.