Moody’s revises outlook to negative on eight UAE banks – ZAWYA

Moody’s revises outlook to negative on eight UAE banks – ZAWYA

The global ratings agency regards the coronavirus outbreak as a social risk under its ESG framework. The eight banks are: Emirates NBD , Abu Dhabi Commercial Bank , Dubai Islamic Bank , Mashreq Bank , HSBC Bank Middle East, Abu Dhabi Islamic Bank , The National Bank of Ras al-Khaimah and National Bank of Fujairah .. Moody's affirmed the banks' ratings but said the change of outlook reflected "the potential material weakening in their standalone credit profiles, amid a challenging operating environment in the UAE due to the coronavirus outbreak, low oil prices and pre-existing economic challenges.". Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety..