Moody’s has maintained the UAE’s credit rating of AA2, the highest sovereign rating in the region with a stable outlook for the national economy.
Moody’s announced in September that it would downgrade Kuwait’s credit rating from AA2 to A1.
The Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, said in a tweet on Wednesday: This is a great achievement before the end of 2020. ”
وكالة التصنيف الدولية "موديز" تمنح حكومة الإمارات تصنيف Aa2 في الجدارة الإئتمانية، التصنيف السيادي الأعلى في المنطقة مع نظرة مستقرة للاقتصاد الوطني. قوة إئتمانية نابعة من استقرار داخلي ..وسياسات مالية رشيدة.. وعلاقات دولية قوية..وتنوع اقتصادي راسخ ..إنجاز نضيفه ل٢٠٢٠ قبل نهايتها
— HH Sheikh Mohammed (@HHShkMohd) December 9, 2020
On June 19, Moody’s downgraded eight UAE banks and downgraded their outlook on the economy in view of the negative effects of the coronavirus on the economy. BD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, East Bank, HSBC Bank Middle East, Abu Dhabi Islamic Bank, National Bank Ras Al Khaimah and National Bank Fujairah.
A Moody’s spokesman then said that the ratings of these banks have been confirmed but their outlook has been reduced in view of their credit profiles. The reason given was that the UAE The Coronavirus epidemic has created a difficult environment for banking. In addition, the fall in global oil prices and the already existing economic challenges are another reason.