- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:20 05:42 12:28 15:53 19:08 20:30
In the final quarter of last year the top eight UAE banks by assets all reported year-on-year net profit growth of between 13 per cent and 82 per cent. (File)
Officials at Standard & Poor's are downgrading the credit ratings of mortgage lenders Fannie Mae and Freddie Mac and other agencies linked to long-term US debt.
The agency says it has also lowered the ratings for: farm lenders; long-term US government-backed debt issued by 32 banks and credit unions; and three major clearinghouses, which are used to execute trades of stocks, bonds and options.
All the downgrades were from AAA to AA+. S&P says the agencies and banks all have debt that is exposed to economic volatility and a further downgrade of long-term US debt.
Officials at Standard & Poor's say they will also indicate shortly how local and state governments will be affected by their decision on Friday to lower the long-term US debt from AAA to AA+.
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