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03 March 2024

Emirates NBD to drop S&P services

Emirates NBD to drop S&P services. (EB FILE)

By Staff Writer
Emirates NBD, the largest lender by assets in the Middle East, has decided to discontinue use of Standard & Poor’s Investors Service for rating of its banking subsidiaries, Emirates Bank International and National Bank of Dubai.  

Following the successful completion of the integration and the migration to the Emirates NBD core banking platform, all assets, liabilities and operations of two subsidiaries have been assumed by Emirates NBD. 

As a result, credit ratings are no longer required for these subsidiary entities and Emirates NBD will utilise the services of three industry credit rating agencies Fitch Ratings, Moody’s and Capital Intelligence, who either have a presence in or long-standing coverage of the UAE, to provide independent monitoring and rating of its financial strength. 

Emirates NBD’s decision comes just days after Dubai Holding Commercial Operations Group, a subsidiary of Dubai Holding, said it had ended its relationship with S&P after the agency withdrew its rating on concerns over transparency.

S&P wasn’t immediately available for comment when contacted by Zawya Dow Jones yesterday.

Last year, Abu Dhabi National Energy Company also ended its ties with S&P.