RAM Ratings, the Malaysian premier credit-rating agency, has reaffirmed National Bank of Abu Dhabi PJSC’s (“NBAD” or “the Group”) respective long- and short-term financial institution ratings, at AAA and P1.
The AAA rating of the Group’s Senior Medium-Term Notes (“MTN”), issued under its existing Islamic/Conventional MTN Programme of up to RM3 billion (2010/2030) (“MTN Programme”), has also been reaffirmed.
Concurrently, RAM Ratings has assigned an AA1 rating to the Group’s proposed Subordinated MTN, to be issued under the MTN Programme. All the long-term ratings have a stable outlook.
NBAD issued its first ever Sukuk and first issuance denominated in Malaysian ringgit (MYR) in June 2010. The groundbreaking 500 million ringgit issuance will mature in 2015.
In December 2010, NBAD issued its second 500 million ringgit, which will mature in 2020. Both issuances received extremely strong investor demand and were oversubscribed, showing the appetite of investors for NBAD’s credit risk.
Recently, NBAD inaugurated its wholly owned subsidiary National Bank of Abu Dhabi Malaysia Berhad (NBAD - Malaysia) in Kuala Lumpur and made Malaysia its regional hub to lead expansion in the country and across Southeast Asia.