Mubasher: Moody's Investors Service said Monday it has taken rating actions on 26 banks located in the GCC.
The persistently low oil prices in the GCC region have triggered a combination of fiscal pressure on governments, signaling a potential reduction of government capacity and willingness to support the banks in case of need; and weakening operating conditions for the banks, according to the rating agency.
Moody’s placed on Friday the ratings of Saudi Arabia, UAE, Kuwait, Qatar and Bahrain on review for possible downgrade.
The banks in today’s report include ADCB, DIB and NBAD in the UAE.
