First Abu Dhabi Bank PJSC: Update to credit analysis

First Abu Dhabi Bank PJSC: Update to credit analysis - Credit Opinion – 2024/02/28 – US$ 250.00 – ...First Abu Dhabi Bank PJSC's (FAB) Aa3 long-term deposit rating incorporates a three- notch uplift from the bank's a3 Baseline Credit Assessment (BCA). This uplift is based on our assessment of a very high likelihood of support from the Government of United Arab Emirates (Aa2 stable) in case of need. FAB's a3 BCA reflects its strong capitalisation and liquidity, supported by a dominant domestic franchise and strong ties with the Government of Abu Dhabi (Aa2 stable). However, the bank's relatively weak asset quality, high borrower and funding concentrations, combined with high reliance on market funding, moderate these strengths. Our assessment of a very high likelihood of government support for FAB in case of need reflects the UAE government's around 38% ownership stake in FAB through Mubadala Investment Company's wholly owned subsidiaries, the bank's importance to the local financial system, its designation as a D-SIB by the UAE Central Bank, and the UAE authorities' track record of supporting...

First Abu Dhabi Bank PJSC: Update following ratings affirmation - Credit Opinion – 2023/07/11 – US$ 250.00 – ...First Abu Dhabi Bank PJSC's (FAB) Aa3 long-term deposit rating incorporates a three- notch uplift from the bank's a3 Baseline Credit Assessment (BCA). This uplift is based on our assessment of a very high likelihood of support from the Government of United Arab Emirates (Aa2 stable) in case of need. FAB's a3 BCA reflects its strong capitalisation and liquidity, supported by a dominant domestic franchise and strong ties with the Government of Abu Dhabi (Aa2 stable). However, the bank's relatively week asset quality, high borrower and funding concentrations, combined with high reliance on market funding, moderate these strengths. Our assessment of a very high likelihood of government support for FAB in case of need reflects the UAE government's around 38% ownership stake in FAB through Mubadala Investment Company's wholly owned subsidiaries, the bank's importance to the local financial system, the bank's designation as a D-SIB by the UAE Central Bank, and the UAE authorities' track record...

First Abu Dhabi Bank PJSC: Update to credit analysis - Credit Opinion – 2023/01/20 – US$ 250.00 – ...First Abu Dhabi Bank PJSC's (FAB) Aa3 long-term deposit rating incorporates a three- notch uplift from the bank's a3 Baseline Credit Assessment (BCA). This uplift is based on our assessment of a very high likelihood of support from the Government of United Arab Emirates (Aa2 stable) in case of need. FAB's a3 BCA reflects its strong capitalisation and liquidity, supported by a dominant domestic franchise and strong ties with the Government of Abu Dhabi (Aa2 stable). However, the bank's high borrower and funding concentrations, combined with high reliance on wholesale funding, moderate these strengths. Our assessment of a very high likelihood of government support for FAB in case of need reflects the UAE government's around 38% ownership stake in FAB through Mubadala Investment Company's wholly owned subsidiaries, the bank's importance to the local financial system, the bank's designation as a D-SIB by the UAE Central Bank, and the UAE authorities' track record of supporting banks in case...

First Abu Dhabi Bank PJSC: Update to credit analysis - Credit Opinion – 2022/07/13 – US$ 250.00 – ...First Abu Dhabi Bank PJSC's (FAB) Aa3 long-term deposit rating incorporates a three- notch uplift from the bank's a3 Baseline Credit Assessment (BCA). This uplift is based on our assessment of a very high likelihood of support from the Government of United Arab Emirates (Aa2 stable) in case of need. FAB's a3 BCA reflects its strong capitalisation, resilient profitability and very strong liquidity, supported by a dominant domestic franchise and strong ties with the Government of Abu Dhabi (Aa2 stable). However, the bank's high borrower and funding concentrations, combined with high reliance on wholesale funding, moderate these strengths. Our assessment of a very high likelihood of government support for FAB in case of need reflects the UAE government's 37.9% ownership stake in FAB through Mubadala Investment Company's wholly owned subsidiaries, the bank's importance to the local financial system, the bank's designation as a D-SIB by the UAE Central Bank, and the UAE authorities' track record...

First Abu Dhabi Bank PJSC: Update to credit analysis - Credit Opinion – 2022/01/12 – US$ 250.00 – ...First Abu Dhabi Bank PJSC's (FAB) Aa3 long-term deposit rating incorporates a three- notch uplift from the bank's a3 Baseline Credit Assessment (BCA). This uplift is based on our assessment of a very high likelihood of support from the Government of United Arab Emirates (Aa2 stable) in case of need. FAB's a3 BCA reflects its strong capitalisation, resilient profitability and very strong liquidity, supported by a dominant domestic franchise and strong ties with the Government of Abu Dhabi (Aa2 stable). However, the bank's high borrower and funding concentrations, combined with high reliance on wholesale funding, moderate these strengths. Our assessment of a very high likelihood of government support for FAB in case of need reflects the UAE government's 37.9% ownership stake in FAB through Mubadala Investment Company's wholly owned subsidiaries, the bank's importance to the local financial system, the bank's designation as a D-SIB by the UAE Central Bank, and the UAE authorities' track record...

First Abu Dhabi Bank PJSC: Update post full-year 2020 results - Credit Opinion – 2021/03/03 – US$ 250.00 – ...First Abu Dhabi Bank PJSC's (FAB) Aa3 long-term deposit rating incorporates a three- notch uplift from the bank's a3 Baseline Credit Assessment (BCA). This uplift is based on our assessment of a very high likelihood of support from the Government of United Arab Emirates (Aa2 stable) in case of need. Our assessment of a very high likelihood of government support for FAB in case of need reflects the UAE government's 37% ownership stake in FAB through Mubadala Investment Company's wholly owned subsidiaries, the bank's importance to the local financial system, the bank's designation as a D-SIB by the UAE Central Bank, and the UAE authorities' track record of supporting banks in case of need. FAB's a3 BCA reflects its strong capitalisation, resilient profitability and strong liquidity, supported by a dominant domestic franchise and strong ties with the Government of Abu Dhabi (Aa2 stable). However, the bank's high borrower concentrations, combined with funding concentrations and reliance on...

Moody's assigns (P)Baa3(hyb) rating to Additional Tier 1 capital securities of First Abu Dhabi Bank PJSC - Rating Action – 2020/09/21 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...

First Abu Dhabi Bank PJSC: Key facts and statistics - H1 2020 - Issuer Profile – 2020/09/10 – US$ 200.00 – ...First Abu Dhabi Bank (FAB) is an Abu Dhabi-based commercial bank that provides retail, corporate and investment banking services to individuals, corporate clients, small and medium-size enterprises (SMEs) and financial institutions. Through its subsidiaries, the bank also offers Islamic banking services, leasing, brokerage and property management services. FAB is the largest bank in the UAE in terms of total assets, and deposits with market shares of 28.4%, and 27.8%, and second largest bank in terms of net loans with market shares of 23.4% as of 30 June 2020. As of 30 June 2020, the bank reported total consolidated assets of AED866.0 billion ($235.8 billion). As of 30 June 2020, the bank operated through 73 branches/cash offices in UAE and has presence across five continents. FAB was created through the merger of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), on 1 April 2017, after securing shareholder approval in December 2016. Since May 2017, NBAD launched its new brand...

First Abu Dhabi Bank PJSC: Update post H1 2020 results - Credit Opinion – 2020/09/03 – US$ 250.00 – ...First Abu Dhabi Bank PJSC's (FAB) Aa3 long-term deposit rating incorporates a three- notch uplift from the bank's a3 Baseline Credit Assessment (BCA). This uplift is based on our assessment of a very high likelihood of support from the Government of United Arab Emirates (Aa2 stable) in case of need. Our assessment of a very high likelihood of government support for FAB in case of need reflects the UAE government's 37% ownership stake in FAB through Mubadala Investment Company's wholly owned subsidiaries, the bank's importance to the local financial system, the bank's designation as a D-SIB by the UAE Central Bank, and the UAE authorities' track record of supporting banks in case of need. FAB's a3 BCA reflects its strong capitalisation, resilient profitability and strong liquidity, supported by a dominant domestic franchise and strong ties with the Government of Abu Dhabi (Aa2 stable). However, the bank's high borrower concentrations, combined with funding concentrations and reliance on...

First Abu Dhabi Bank PJSC: Update post Q1 2020 results - Credit Opinion – 2020/05/19 – US$ 250.00 – ...First Abu Dhabi Bank PJSC's (FAB) Aa3 long-term deposit rating incorporates a three- notch uplift from the bank's a3 Baseline Credit Assessment (BCA). This uplift is based on our assessment of a very high likelihood of support from the Government of United Arab Emirates (Aa2 stable) in case of need. Our assessment of a very high likelihood of government support for FAB in case of need reflects the UAE government's 37% ownership stake in FAB through Mubadala Investment Company's wholly owned subsidiaries, the bank's importance to the local financial system, the bank's designation as a D-SIB by the UAE Central Bank, and the UAE authorities' track record of supporting banks in case of need. FAB's a3 BCA reflects its strong capitalisation, healthy profitability and strong liquidity, supported by a dominant domestic franchise and strong ties with the Government of Abu Dhabi (Aa2 stable). However, the bank's high borrower concentrations, combined with funding concentrations and reliance on wholesale...