Coronavirus: Moody’s revises outlook to negative on eight UAE banks

Coronavirus: Moody’s revises outlook to negative on eight UAE banks

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.”

The UAE recorded 393 new coronavirus cases, which brings the total number of confirmed cases in the country to 44,145, Emirates News Agency (WAM) reported on Friday.

The new cases were detected after over 38,000 COVID-19 tests were conducted across the country, according to WAM.

Two people died of the virus on Friday, raising the total number of virus-related deaths in the UAE to 300.

Meanwhile, the number of recoveries rose to 30,996 after 755 people recovered from the virus.

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