Majority ownership by and privileged relationship with the government of the Emirate of Abu Dhabi. Solid domestic commercial position, translating into above-average operational efficiency. Strong capitalization and high quality of capital. Stable base of core deposits and strong liquidity. Large concentration risks on both sides of the balance sheet, like other Gulf Cooperation Council banks. Challenging, though improving, operating conditions in the United Arab Emirates. The stable outlook on National Bank of Abu Dhabi (NBAD) reflects Standard&Poor's Ratings Services' view that the bank's dominant domestic position in the United Arab Emirates (UAE) is well secured, owing to its strong relationship with the Abu Dhabi government. The bank's position should enable it to operate over our 2015-2017 outlook horizon
