Al Hilal Bank gets ratings boost
London, September 9, 2013
Moody's Investors Service, a global bond credit rating business, has assigned A1/Prime-1 issuer ratings to Abu Dhabi-based Al Hilal Bank.
It has also assigned a standalone bank financial strength rating (BFSR) of D, which is equivalent to a baseline credit assessment (BCA) of ba2.
Al Hilal’s BCA reflects its small but rapidly growing Islamic franchise in the UAE, solid asset quality and coverage metrics and advanced management information systems that support a solid control environment, said the rating agency in its review.
The bank’s A1 issuer ratings incorporate a very high seven notches of uplift from the its BCA, which reflects Moody's assessment of a very high likelihood of the government support being forthcoming in the event of need, it stated.
Moody's view is based on the Abu Dhabi Investment Council's (ADIC) 100 per cent ownership, Al Hilal’s role as a flagship Islamic bank and the UAE's strong track record of supporting banks. - TradeArabia News Service
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