GCC Credit Ratings Handbook. 22 January, 2016
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1 GCC Credit s Handbook 22 January,
2 Disclaimer To the fullest extent allowed by applicable laws and regulations, National Bank of Abu Dhabi PJSC (the Bank ) and any other affiliate or subsidiary of the Bank, expressly disclaim all warranties and representations in respect of this communication. The content is confidential and is provided for your information purposes only on an as is and as available basis and no liability is accepted for or representation is made by the Bank in respect of the quality, completeness or accuracy of the information and the Bank has undertaken no independent verification in relation thereto nor is it under any duty to do so whether prepared in part or in full by the Bank or any third party. Furthermore, the Bank shall be under no obligation to provide you with any change or update in relation to said content. It is not intended for distribution to private investors or private clients and is not intended to be relied upon as advice; whether financial, legal, tax or otherwise. To the extent that you deem necessary to obtain such advice, you should consult with your independent advisors. Any content has been prepared by personnel of the Global Markets at the Bank and does not reflect the views of the Bank as a whole or other personnel of the Bank. 2 2
3 Foreword Welcome to our GCC credit rating handbook. The report provides a comprehensive list of credit ratings for prominent GCC entities from the three leading rating agencies Moody s, S&P and Fitch simply listed in alphabetical order for ease of use. Many of you may find the report helpful as a reference document when dealing with GCC fixed income instruments. We have also provided an overview/comparison of the credit quality of the main issuers in the GCC region (slide #4) as follows: Credit rating of each entity along with its peers, categorised under three subheadings, namely Sovereigns, Financials & Corporates We have used composite ratings for this analysis i.e. the average of the ratings assigned by three leading rating agencies Moody s, S&P and Fitch in order to provide a holistic view of the credit strength of each bank. If you have any feedback on the report, or indeed would like to discuss any of the point highlighted, please do contact me. Regards, Chavan Bhogaita Market Insights & Strategy Global Markets NBAD [email protected]
4 ADCB UNB BSF Samba Riyad Bank Ind Bank of Kuwait FGB Doha Bank QIIB Saudi Hollandi Al Ahli Bank of Kuwait CBK Oman Arab Bank Gulf Bank Bank Muscat DIB Saudi Inv Bank Gulf Intl Bank Gulf Inv Corp Com Bank of Dubai Mashreq UAB Ahli United Bank Bank Dhofar Bank Sohar NBB BBK ABC Composite NBAD ENBD Noor ADIB QIB IsDB QNB NBK Al-Hilal SABB NCB CBQ Al Khalij Al Rajhi Kuwait Intl Bank Arab National Bank KFH HSBC Bank Oman Intnl Bank of Qatar Boubyan bank Emirates Islamic Bank Burgan Bank Tamweel Bank of Sharjah Sharjah Islamic Bank RAKBANK NBO NBF (Fujairah) Ahli Bank United Arab Emirates (UAE) Emirate of Abu Dhabi State of Qatar State of Kuwait Kingdom of Saudi Arabia Emirate of Ras Al-Khaimah Sultanate of Oman Emirate of Sharjah Aldar DP World DIFC Investment Emaar Malls Grp Kuwait Projects Co Mumtalakat Emaar Prop Damac Batelco Composite Emirate of Dubai* Kingdom of Bahrain Mubadala IPIC TDIC Waha Qatari Diar Qatar Petroleum Etisalat RASGAS Industries Qatar SECO Dolphin Energy QGTS (Nakilat) SABIC Saudi Telecom Etihad Ooredoo (Qtel) OMGRID DEWA JAFZ MAF Taqa Dubai Inv Park (DIP) Investcorp Dar Al Arkan Composite GCC entities Credit quality (based on composite credit ratings) AA AA AA A+ 11A 10 A- BBB+ 9 BBB 8 BBB- 7 BB+ 6 BB 5 GCC Sovereigns AA AA AA A+ 11A 10A- BBB+ 9 BBB 8 BBB- 7 BB+ 6 BB 5 BB- 4 B+ 3 2B- GCC Corporates GCC Financials 17 AAA 16 AA+ 15 AA 14 AA A+ 11A 10 A- BBB+ 9 BBB 8 BBB- 7 BB+ 6 BB 5 Note: The ratings mentioned here are composite credit rating for each issuer. Please see appendix for the methodology of calculating composite credit rating; * Dubai is not rated by any rating agency and we have assigned a proxy rating o BBB based on its fundamentals with a relative comparison to Bahrain which is rated BBB-; Source: ; NBAD 4 4
5 Abu Dhabi (Emirate of Abu Dhabi) Sovereign Abu Dhabi (UAE) ADGB Aa2 STABLE AA STABLE AA STABLE AA Abu Dhabi Commercial Bank Financial Abu Dhabi (UAE) ADCB A1 STABLE A STABLE A+ STABLE A+ Abu Dhabi Islamic Bank Financial Abu Dhabi (UAE) ADIBUH A2 STABLE NA NA A+ STABLE A Abu Dhabi National Energy Company Corporate Abu Dhabi (UAE) TAQAUH A3 STABLE A STABLE NA NA A- Ahli Bank SAOG Financial Oman ABOBOM NA NA NA NA BBB STABLE BBB Ahli United Bank BSC Financial Bahrain AUBBI NA NA BBB+ STABLE BBB+ STABLE BBB+ Al Ahli Bank of Kuwait Financial Kuwait ALAHKW A2 STABLE NA NA A+ STABLE A Al Khalij Commercial Bank QSC Financial Qatar ALKHAL A3 STABLE NA NA A+ STABLE A Al Rajhi Bank Financial Saudi Arabia RJHIAB A1 STABLE A NEGATIVE A+ NEGATIVE A+ Aldar Properties PJSC Corporate Abu Dhabi (UAE) ALDAR Baa3 STABLE BBB- POSITIVE NA NA BBB- Al-Hilal Bank Financial Abu Dhabi (UAE) ALHILA A1 STABLE NA NA A+ STABLE A+ Source: ; NBAD 5 5
6 Arab Banking Corp Financial Bahrain ABCORP Ba1 STABLE BBB- STABLE BBB- STABLE BBB- Arab National Bank Financial Saudi Arabia ARNBAB A1 STABLE A NEGATIVE A NEGATIVE A Bahrain (Kingdom of Bahrain) Sovereign Bahrain BHRAIN Baa3 NEGATIVE BBB- NEGATIVE BBB- NEGATIVE BBB- Bahrain Mumtalakat Holding Co. BSC Corporate Bahrain MUMTAK NA NA BBB- NEGATIVE BBB- NEGATIVE BBB- Bahrain Telecommunications Co. BSC Corporate Bahrain BATELC NA NA BB+ STABLE BBB- NEGATIVE BB+ Bank Dhofar SAOG Financial Oman BKDBOM A3 NEGATIVE NA NA BBB STABLE BBB+ Bank Muscat SAOG Financial Bahrain BKMBOM A1 NEGATIVE BBB+ NEGATIVE BBB+ STABLE A- Bank of Sharjah Financial Sharjah (UAE) SHARJ NA NA NA NA BBB+ STABLE BBB+ Bank Sohar SAOG Financial Oman BKSB OM NA NA NA NA BBB STABLE BBB Banque Saudi Fransi Financial Saudi Arabia BSFR Aa3 STABLE A NEGATIVE A NEGATIVE A+ Boubyan Bank KSC Financial Kuwait BOUBYAN KK Baa1 STABLE NA NA A+ STABLE A- Source: ; NBAD 6 6
7 Burgan Bank SAK Financial Kuwait BGBKKK A3 STABLE BBB+ STABLE A+ STABLE A- Commercial Bank of Dubai Financial Dubai (UAE) CBDUH Baa1 STABLE NA NA A- STABLE BBB+ Commercial Bank of Kuwait Financial Kuwait CMBKKK A3 STABLE NA NA A+ STABLE A Commercial Bank of Qatar Financial Qatar COMQAT A1 NEGATIVE A- NEGATIVE A+ STABLE A DAMAC Properties Dubai Co PJSC Corporate Dubai (UAE) DAMAC NA NA BB STABLE NA NA BB Dar Al Arkan Real Estate Development Company Corporate Saudi Arabia DARALA Ba3 STABLE NA NA NA NA BB- DIFC Investment LLC Corporate Dubai (UAE) DIFCDU NA NA BBB- STABLE NA NA BBB- Doha Bank QSC Financial Qatar DHBKQD A2 STABLE A- STABLE A+ STABLE A Dolphin Energy Ltd Corporate Abu Dhabi (UAE) DOLNRG A1 STABLE NA NA A+ NA A+ DP World Ltd Corporate Dubai (UAE) DPWDU Baa3 STABLE NA NA BBB- POSITIVE BBB- Dubai (Emirate of Dubai) Sovereign Dubai (UAE) DUGB NA NA NA NA NA NA NA Source: ; NBAD 7 7
8 Dubai Aviation Corp (flydubai) Corporate Dubai (UAE) FLYDU NA NA NA NA NA NA NA Dubai Electricity & Water Authority Corporate Dubai (UAE) DEWAAE Baa2 STABLE BBB POSITIVE NA NA BBB Dubai Holding Commercial Operations Group LLC Dubai Investments Park Development Co LLC Corporate Dubai (UAE) DUBAIH NA NA NA NA NA NA NA Corporate Dubai (UAE) DICUH NA NA BB+ STABLE NA NA BB+ Dubai Investments PJSC Corporate Dubai (UAE) DICUH NA NA NA NA NA NA NA Dubai Islamic Bank Financial Dubai (UAE) DIBUH Baa1 STABLE NA NA A STABLE A- Dubai World Corporate Dubai (UAE) N.A. NA NA NA NA NA NA NA Emaar Malls Group PJSC Corporate Dubai (UAE) EMAARM Baa2 STABLE BBB- STABLE NA NA BBB- Emaar Properties PJSC Corporate Dubai (UAE) EMAAR Ba1 POSITIVE BBB- STABLE NA NA BB+ Emirates Airline Corporate Dubai (UAE) EMIRAT NA NA NA NA NA NA NA Emirates Islamic Bank* Financial Dubai (UAE) EIBUH Baa1 POSITIVE NA NA A+ STABLE A- Note: * Emirates Islamic Bank is not rated by Moody s. Moody s ratings reflect the ratings of the bonds issued by its subsidiary EIB Sukuk Co Ltd; Source: ; NBAD 8 8
9 Emirates NBD Financial Dubai (UAE) EBIUH Baa1 POSITIVE NA NA A+ STABLE A- Emirates Telecom Corporation (Etisalat) Corporate Abu Dhabi (UAE) ETISLT Aa3 STABLE AA- STABLE A+ STABLE AA- First Gulf Bank Financial Abu Dhabi (UAE) FGBUH A2 STABLE NA NA A+ STABLE A GEMS Education KSA Corporate Dubai (UAE) GMSEDU NA NA NA NA NA NA NA Gulf Bank KSC Financial Kuwait GFBKKK A3 STABLE A- STABLE A+ STABLE A Gulf International Bank BSC Financial Bahrain GULINT A3 STABLE BBB+ STABLE A STABLE A- Gulf Investment Corp GSC Financial Kuwait GULF A2 STABLE NA NA A- STABLE A- HSBC Bank Oman SAOG Financial Oman HBMO OM A3 NEGATIVE NA NA A+ NEGATIVE A Industrial Bank of Kuwait Financial Kuwait IBKUKW NA NA NA NA A+ STABLE A+ Industries Qatar QSC Corporate Qatar IQCD QD Aa3 STABLE AA- STABLE NA NA AA- International Bank of Qatar QSC Financial Qatar INTBOQ A2 STABLE NA NA A+ STABLE A Source: ; NBAD 9 9
10 International Petroleum Investment Company Corporate Abu Dhabi (UAE) INTPET Aa2 STABLE AA STABLE AA STABLE AA Investcorp Bank BSC Corporate Bahrain INVBNK Ba2 STABLE NA NA BB STABLE BB Investment Corp Of Dubai Corporate Dubai (UAE) INVCOR NA NA NA NA NA NA NA Investment Dar Company Corporate Kuwait TIDKK NA NA NA NA NA NA NA Islamic Development Bank Financial Saudi Arabia ISDB Aaa STABLE AAA STABLE AAA STABLE AAA Jebel Ali Free Zone Corporate Dubai (UAE) JAFZSK Baa3 STABLE NA NA BBB- POSITIVE BBB- Kingdom Holding Company Corporate Saudi Arabia KINGDOM AB NA NA NA NA NA NA NA Kuwait (State of Kuwait) Sovereign Kuwait KUWAIT Aa2 STABLE AA STABLE AA STABLE AA Kuwait Finance House Financial Kuwait KFINKW A1 NEGATIVE A- STABLE A+ STABLE A Kuwait International Bank Financial Kuwait KIBKK NA NA NA NA A+ STABLE A+ Kuwait Projects Co Holding KSC Corporate Kuwait KWIPKK Baa3 STABLE BBB- STABLE NA NA BBB- Source: ; NBAD 10 10
11 Majid Al Futtaim Holding LLC Corporate Dubai (UAE) MAFUAE NA NA BBB STABLE BBB STABLE BBB Mashreqbank Financial Dubai (UAE) MASQUH Baa2 STABLE BBB+ STABLE A STABLE BBB+ Mubadala Development Co PJSC Corporate Abu Dhabi (UAE) MUBAUH Aa2 STABLE AA STABLE AA STABLE AA Nakheel PJSC Corporate Dubai (UAE) NAKHL NA NA NA NA NA NA NA National Bank of Abu Dhabi Financial Abu Dhabi (UAE) NBADUH Aa3 STABLE AA- STABLE AA- STABLE AA- National Bank of Bahrain Financial Bahrain NBB BI Baa3 STABLE NA NA BBB- NEGATIVE BBB- National Bank of Fujairah Financial Fujairah (UAE) FUJAIR Baa1 STABLE BBB+ STABLE NA NA BBB+ National Bank of Kuwait Financial Kuwait NTBKKK Aa3 STABLE A+ STABLE AA- STABLE AA- National Bank of Oman SAOG Financial Oman NBOBOM A3 NEGATIVE NA NA BBB STABLE BBB+ National Bank of Ras Al-Khaimah Financial Ras Al-Khaimah (UAE) RAKBNK Baa1 STABLE NA NA BBB+ STABLE BBB+ National Central Cooling Company Corporate Abu Dhabi (UAE) TABRED NA NA NA NA NA NA NA Source: ; NBAD 11 11
12 National Commercial Bank Financial Saudi Arabia NCOMBK A1 STABLE A NEGATIVE A+ NEGATIVE A+ Noor Bank Financial Dubai (UAE) NOORBK NA NA NA NA A- STABLE A- Oman (Sultanate of Oman) Sovereign Oman OMANGB A1 NEGATIVE BBB+ NEGATIVE NA NA A- Oman Arab Bank SAOC Financial Oman OMAB OM A2 NEGATIVE NA NA NA NA A Ooredoo QSC (earlier know as Qatar Telecom) Corporate Qatar QTELQD A2 NEGATIVE A- STABLE A+ STABLE A Qatar (State of Qatar) Sovereign Qatar QATAR Aa2 STABLE AA STABLE AA STABLE AA Qatar Gas Transport Company (Nakilat) * Corporate Qatar QGTS A1 STABLE AA- STABLE A+ NA A+ Qatar International Islamic Bank Financial Qatar QIIK A2 STABLE NA NA A+ STABLE A Qatar Islamic Bank Financial Qatar QIBC NA NA A- STABLE A+ STABLE A Qatar National Bank Financial Qatar QNBK Aa3 STABLE A+ STABLE AA- STABLE AA- Qatar Petroleum Corporate Qatar QPETRO Aa2 STABLE AA STABLE NA NA AA Note: * Qatar Gas Transport Company is not rated by any of the rating agency. The ratings reflect the ratings of the bonds issued by its subsidiary Nakilat Inc; Source: ; NBAD 12 12
13 Qatar Real Estate Investment Company Qatari Diar Real Estate Investment Company * Corporate Qatar QRESQD NA NA NA NA NA NA NA Corporate Qatar QATDIA Aa2 STABLE NA NA NA NA AA Ras Al-Khaimah (Emirate of Ras Al- Khaimah) Sovereign Ras Al-Khaimah (UAE) RAKS NA NA A STABLE A STABLE A Ras Laffan Liquefied Natural Gas Co Ltd Corporate Qatar RASGAG Aa3 STABLE NA NA NA NA AA- Riyad Bank Financial Saudi Arabia RIBL A1 STABLE A NEGATIVE A+ NEGATIVE A+ Samba Financial Group Financial Saudi Arabia SAMBA Aa3 STABLE A NEGATIVE A+ NEGATIVE A+ Saudi Arabia (Kingdom of Saudi Arabia) Sovereign Saudi Arabia SAUDIARAB Aa3 STABLE A+ NEGATIVE AA NEGATIVE AA- Saudi Basic Industries Corp Corporate Saudi Arabia SABIC A1 STABLE A+ NEGATIVE A+ STABLE A+ Saudi British Bank Financial Saudi Arabia SABBAB Aa3 STABLE A NEGATIVE A NEGATIVE A+ Saudi Electricity Company Corporate Saudi Arabia SECO A1 STABLE A+ NEGATIVE AA- STABLE A+ Saudi Hollandi Bank Financial Saudi Arabia AAALAB A1 STABLE NA NA A- STABLE A Note: * Qatari Diar Real Estate Investment Company is not rated by any of the rating agency. The ratings reflect the ratings of the bonds issued its subsidiary Qatari Diar Finance QSC; Source: ; NBAD 13 13
14 Saudi Investment Bank Financial Saudi Arabia SIBAB A2 STABLE BBB+ NEGATIVE A- STABLE A- Saudi Telecom Company Corporate Saudi Arabia STC AB A1 POSITIVE A+ NEGATIVE NA NA A+ Sharjah (Emirate of Sharjah) Sovereign Sharjah (UAE) SHARSK A3 STABLE A STABLE NA NA A- Sharjah Islamic Bank Financial Sharjah (UAE) SIB A3 STABLE BBB+ STABLE BBB+ STABLE BBB+ Tamweel PSC Financial Dubai (UAE) TAMWEE Baa1 STABLE NA NA NA NA BBB+ Tourism Development & Investment Company Corporate Abu Dhabi (UAE) TDICUH NA NA AA STABLE NA NA AA Union National Bank Financial Abu Dhabi (UAE) UNBUH A1 STABLE NA NA A+ STABLE A+ United Arab Bank Financial Sharjah (UAE) UAB UH Baa1 Watch NEGATIVE NA NA NA NA BBB+ United Arab Emirates (UAE) Sovereign UAE N.A. Aa2 STABLE NA NA NA NA AA United Gulf Bank BSC Financial Bahrain UGBANK NA NA NA NA NA NA NA Waha Capital PJSC * Corporate Abu Dhabi (UAE) ADWA Aa2 NA AA NA AA NA AA Note: * Waha Capital PJSC is not rated by any of the rating agency. The ratings reflect the ratings of the bonds issued by its subsidiary Waha Aerospace BV; Source: ; NBAD 14 14
15 Appendix As mentioned at the start of this report, we have used composite ratings for this analysis i.e. the average of the ratings assigned by three leading rating agencies Moody s, S&P and Fitch in order to provide a more representative view of the credit strength of each bank. The composite rating is calculated as follows: A score is assigned to the rating from each rating agency: AAA or equivalent being the best with a score of 1, followed by AA+ or equivalent as 2, AA or equivalent as 3, AA- or equivalent as 4 and so on; For example NBAD is rated Aa3/AA-/AA- by Moody s/s&p/fitch. So the scores are 4/4/4; Hence the average of the scores is 4 which indicates a composite rating of AA- for NBAD; In case the average score is not an absolute number e.g (average of 4, 5, & 4 ) the final score is derived by rounding off the average score to the nearest whole number. In this case
16 Contact Rakesh Sahu / Chavan Bhogaita Market Insights & Strategy Global Markets National Bank of Abu Dhabi Tel: [email protected] 16 16
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