Commercial Bank of Dubai – Ratings Affirmed with a Stable Outlook

Ref: AE007 2 3 CRA00- 0 1 7 June 202 4

Commercial Bank of Dubai – Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign C urrency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Commercial Bank of Dubai (CBD) at ‘A-’ and ‘A2’, respectively. At the same time , CI Ratings has affirmed CBD’s Bank Standal one Rating (BSR) of ‘bbb’ , Core Financial Strength (CFS) rating of ‘bbb-’ , and Extraordinary Support Level (ESL) of High . The O utloo k for the LT FCR and BSR is Stable .

The Bank’s LT FCR is set two notches above the BSR to reflect the high level of extraordinary support, which mitigates some weaknesses in CBD’s intrinsic creditworthiness. CI expects the Bank to continue to receive support from the UAE government (Sovereign Ratings: ‘AA-’/‘A1+’/Stable) in case of…