RATINGS ON EMIRATES NBD AND ABU DHABI COMMERCIAL BANK MAINTAINED

KUALA LUMPUR, Dec 1 (Bernama) -- The ratings of financial institutions
Emirates NBD and Abu Dhabi Commercial Bank (ADCB) and their related issues have
been maintained at AAA with a stable outlook by RAM Rating Services Bhd.

This followed the announcement by conglomerate Dubai World and its property
arm Nakheel of a standstill on its US$59 billion debt repayment, of which the
two banks are among the largest creditors.

The ratings were maintained as the systemic support to the United Arab
Emirates (UAE) banking system remained intact as the central bank would be
providing a "special additional liquidity facility" for all UAE banks and
branches of foreign banks there, RAM said.

"The central bank of the UAE has been expedient in implementing measures to
support the UAE's banking sector and to protect its economy, as witnessed during
the liquidity crisis in 2008 following the Lehman Brothers debacle," it said in
a statement Monday.

These systemic initiatives include a blanket gurantee on all
dirham-denominated deposits and inter-bank lending in the system that is still
active, which RAM views in a positive light.

Emirates NBD is Dubai's flagship banking group and the largest bank in the
UAE with the Dubai government holding a majority 56 per cent share.

The ratings of ADCB and ADCB Cayman's proposed medium-term note programme
were underpinned by the strong connection between the banking group and the
government of Abu Dhabi, which owns a 65 per cent stake in the group.

ADCB is also the third-largest banking group in the UAE in terms of assets.

RAM said it also drew comfort from the fact that both Emirates NBD and ADCB
are strongly capitalised, with sturdy risk-weighted capital-adequacy ratios of
about 20 per cent.
-- BERNAMA