Moody's Investors Service has assigned an A2 rating to the upcoming senior unsecured floating-rate notes to be issued by Mashreqbank psc. The senior unsecured notes are part of a USD2,000 million EMTN programme, assigned an A2 rating for senior notes and an A3 rating for subordinated notes. The A2 senior debt rating is at the same level as the A2 foreign currency deposit rating already assigned to Mashreqbank. All ratings carry stable outlooks.
Moody's existing ratings for Mashreqbank, of A2/Prime-1 for long- and short-term foreign currency deposits and C- for financial strength, reflect the bank's growing franchise value within the United Arab Emirates (UAE), its good financial fundamentals and its growing importance and significance to the financial system in the UAE and in particular to the economy of Dubai.
Mashreqbank is headquartered in Dubai, United Arab Emirates and at the end of 2005 had total assets of AED45.7 billion (US$12.5 billion).