Moody's adjusts its view of eight Emirati banks to "negative"

Moody's credit rating agency adjusted the outlook for eight Emirati banks from stable to negative in light of the repercussions of the outbreak of the Corona Virus.

According to Reuters, the eight banks are Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Mashreq Bank, HSBC Middle East, Abu Dhabi Islamic Bank and Ras Bank. The National Tent and National Bank of Fujairah.

Moody's confirmed the banks' rating, but said that adjusting the future outlook reflects the perceived weakness in the individual credit situation (of banks), in light of an operating environment full of challenges in the UAE due to an outbreak Corona virus, low oil prices and pre-existing economic challenges.