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Abu Dhabi Commercial Bank Ratings Raised To 'A/A-1' On Improved Capitalization After Sale Of RHB Stake; Outlook Stable Jun 11
Standard & Poors, June 2011
Abstract
Abu Dhabi Commercial Bank signed an agreement on June 17, 2011, to divest its 24.9% interest in Malaysia-based RHB Capital Berhad. On the sale's completion, ADCB will receive about AED7.0 billion in cash versus a carrying value of AED5.4 billion. The sale proceeds will boost ADCB's capitalization, which in turn will likely result in a pronounced improvement in our estimated risk-adjusted capital ratio for ADCB and a subsequent decrease in its single-party concentration relative to its capital base. We are raising our 'long- and short-term ratings on the bank to 'A/A-1' from 'A-/A-2. The stable outlook balances our expectation for gradual improvement in the bank's financial profile while it continues to confront some obstacles in its operating environment. PARIS (Standard...
Companies mentioned in this report are: Abu Dhabi Commercial Bank
Action: Outlook: Stable
Action: Upgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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