Moody's Investors Service has assigned an A3 rating to the $750 million Euro Medium-Term Note Program of the United Arab Emirates (UAE)’ Mashreqbank.
The unsubordinated notes issued under this program will carry the A3 rating, while the subordinated notes will be rated at Baa1. The A3 unsubordinated debt rating is at the same level as the A3 foreign currency deposit rating already assigned to Mashreqbank.
Moody's existing ratings for Mashreqbank, of A3/Prime-2 for long- and short-term foreign currency deposits and C- for financial strength, reflect the bank's growing franchise within the UAE, its improving financial fundamentals and its growing importance and significant to the financial system in the UAE and in particular to the economy of Dubai.
Mashreqbank is headquartered in Dubai and at the end of 2003 had total assets of 26.3 billion Emirati dirhams ($7.1 billion). — (menareport.com)
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