Four banks in UAE put on ratings review

Four UAE banks have been placed on review for possible downgrade, Moody’s Investors Service said late yesterday.

Emirates Bank International, National Bank of Dubai, Mashreq Bank and Dubai Islamic Bank will have their financial strength ratings and long-term debt and deposit ratings placed on review.

The move was triggered by the strained domestic property market, particularly in Dubai, as well as an economic slowdown forecast for this year with a modest recovery in 2010, Moody’s said.