Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Emirates NBD PJSC (ENBD or the Bank) at ‘A+’ and ‘A1’, respectively. At the same time, CI Ratings has affirmed ENBD’s Bank Standalone Rating (BSR) of ‘bbb’, Core Financial Strength (CFS) rating of ‘a-’ and Extraordinary Support Level (ESL) of Very High. The Outlook for the LT FCR and BSR is Stable.
The Bank’s LT FCR is set four notches above the BSR to reflect the ESL of Very High. Our ESL assessment is based on the very high likelihood of support from the UAE government (sovereign ratings: ‘AA-’/‘A1+’/Stable), which has a good track record of supporting the banking system and would be willing and financially capable of assisting ENBD if required. Our ESL assessment also takes into account ENBD’s large size, good franchise and D-SIB status. Ordinary support from the…