Majority ownership by the Abu Dhabi government Strong domestic commercial position Robust profitability Good asset quality A narrow domestic market with increasing competition Significant concentration risks Volatile public sector deposits The ratings on the National Bank of Abu Dhabi (NBAD) reflect the bank's ownership by and special relationship with the government of the oil-rich Emirate of Abu Dhabi (not rated); strong domestic commercial position; robust financial profile; and good asset quality. The ratings are constrained by NBAD's narrow domestic market with increasing competition, large concentrations, and the volatility of public sector deposits. NBAD is the largest bank in the United Arab Emirates (UAE; not rated) with total assets of United Arab Emirates dirham (AED) 84.9 billion ($23.1 billion) at Sept.
