Emirates NBD discontinues use of S’&’P Ratings
Emirates NBD announced today that the company has elected to discontinue use of Standard ‘&’ Poor’s Investors Service for rating of its banking subsidiaries, Emirates Bank International PJSC (EBI) and National Bank of Dubai PJSC (NBD).
Following the successful completion of the integration and the migration to the Emirates NBD core banking platform, all assets, liabilities and operations of Emirates Bank International and National Bank of Dubai have been assumed by Emirates NBD PJSC.
As a result, credit ratings are no longer required for these subsidiary entities and Emirates NBD will utilize 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.
