June 19, 2020 / 1:24 PM / 23 days ago

Moody's revises outlook to negative on eight UAE banks

DUBAI, June 19 (Reuters) - Rating agency Moody’s changed its outlook to negative from stable for eight banks in the United Arab Emirates amid the coronavirus outbreak, it said on Friday.

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”. (Writing by Davide Barbuscia, editing by Louise Heavens)

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