N ational Bank of Umm Al Qaiwain – Ratings Affirmed with a Stable Outlook

Ref: AE018 1 2 2 CRA 00- 0 1 8 Sep tember 202 3

N ational Bank of Umm Al Qaiwain – Ratings Affirmed with a Stable Outlook

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 National Bank of Umm Al Qaiwain (NBQ) at ‘A-’ and ‘A2’, respectively . At the same time , CI Ratings has affirmed NBQ’s Bank Standalone Rating (BSR) of ‘bbb’ , Core Financial Streng th (CFS) rating of ‘bbb’ and Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR is Stable.

NBQ’s LT FCR is set two notches above the BSR and reflects the Bank’s ESL of High . CI expects the Bank to receive extraordinary support from the UAE government (sovereign ratings: ‘AA-’/ ‘A1+’/ Stable) in case of need. The government has demonstrated such support in the past…