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Moody's upgrades Emirates NBD's credit ratings; outlook stable

Moody's upgrades Emirates NBD's credit ratings; outlook stable
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Dubai – Mubasher: Moody's Investors Service (Moody's) has upgraded Emirates NBD's long-term credit ratings to 'A2' from 'A3' and short-term ratings to 'P-1' from 'P-2', with a stable outlook.

This step was attributed to Moody's decision to upgrade the bank's baseline credit assessment, showing its resilient and higher profitability and improved loan diversification, according to a press release on Monday.

The global rating agency forecasts that the rising interest environment would benefit Emirates NBD's profitability.

The Group CEO of Emirates NBD, Shayne Nelson, said: "Emirates NBD is proud to use this strength to support the UAE 50 Economic Plan to boost the national economy, develop the local business environment and strengthen the position of UAE companies globally."