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News Article

19 September 2005

ADCB reinforces its commitment to success, MOODY?S ASSIGNS Aa3 RATING TO ABU DHABI COMMERCIAL BANK

ADCB announces with great proud the new ratings issued by Moody's Investors Service as it has assigned an Aa3 rating to the senior unsecured notes to be issued by Abu Dhabi Commercial Bank (ADCB) under an EMTN programme of USD2.5 billion. At the same time, Moody's has upgraded to D with positive outlook, from D- with positive outlook.

Moody's explains that the senior unsecured debt rating is placed at one notch higher than the A1 foreign currency country ceiling for debt assigned to the United Arab Emirates (UAE). In assigning this rating, Moody's has considered the bank's importance in the domestic financial system, its intrinsic financial strength. In upgrading ADCB's FSR to D from D-, Moody's takes into account the significant improvement in the bank's financial fundamentals, as well as the considerable strengthening of its franchise in its domestic banking system during the last eighteen months. Moody's notes that a number of major changes - introduced since late 2003 when a new top management team came on board - have enhanced ADCB's franchise, as well as broadening and improving its range of offered products and services, and strengthening its overall risk management framework, allowing the bank to compete more effectively in an increasingly competitive banking environment such as that of the United Arab Emirates. Furthermore, the FSR upgrade recognises the bank's increasing profitability, improving asset quality and better provisioning coverage of non-performing loans, as well as the resolution of the indemnity issue related to a shortfall in loan-loss reserves.

The outlook on the D FSR is positive, Moody's adds, with future upwards rating action expected to be driven by further improvements in asset quality and provisioning coverage; the further expansion and diversification of the bank's business activities, within an acceptable risk profile; and higher and more sustainable profitability.

About ADCB Abu Dhabi Commercial Bank (ADCB) was formed in 1985 as a public shareholding company with limited liability, it's paid up share capital is AED1.5 Billion (USD410million) is one of the largest in the UAE. The Government of Abu Dhabi through Abu Dhabi Investment Authority (ADIA) holds 65% of the paid up capital, while the balance is held by UAE Institutions and Nationals.

ADCB is among the top banks in the UAE, with assets as at 31/12/2004 of AED38.393 Billion and net profit of AED 801million in 2004.

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