Shuaa Capital not to renew Moody's contract

Shuaa Capital said on Wednesday it had decided not to renew its rating contract with Moody's. (Supplied)

Dubai-based investment bank Shuaa Capital said on Wednesday it had decided not to renew its rating contract with Moody's as it had no public debt.

Moody's on Tuesday withdrew Shuaa's ratings, citing Moody's ‘own business reasons’ without elaborating.

Shuaa shares tumbled as much as 8.3 per cent on the news on Wednesday.

"Shuaa, which has no public debt at the corporate level, sees no further requirement for a public rating for the time being," a company spokesperson said.

"During 2015, a standalone public rating will be initiated for the SME lending business which will be the main consumer of public debt within the group," he said.

 

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