Standard & Poor’s (S&P) has raised its assessment of the National Bank of Abu Dhabi’s (NBAD) capital and earnings to “very strong”, and the bank’s stand-alone credit profile to “a” from “a-,” and affirmed NBAD’s long and short-term credit ratings of “A+/A-1”, giving the bank one of the strongest combined ratings in the Middle East.
S&P also rated NBAD’s outlook as “stable”, adding, “This reflects our expectation that NBAD will remain a dominant player in the UAE, with no significant change in its ownership or business and financial profiles over the next two years.”
“We are pleased that S&P has affirmed our strong ratings,” said Michael Tomalin, NBAD’s group chief executive. “This is a confirmation of NBAD’s prudent management over the years.”
NBAD is the UAE’s most profitable bank and has the highest market capitalisation. Global Finance has ranked it since 2009 on its list of the World’s 50 Safest Banks, and listed it as the safest bank in the Middle East.