Dubai’s Emirates NBD Discontinues Use of S&P Ratings

* username: rupertbu

Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, dropped Standard & Poor’s Investors Service as a rating company.

Emirates NBD will utilize the services of Fitch Ratings, Moody’s and Capital Intelligence, it said in an e-mailed statement today.

Dubai Holding Commercial Operations Group LLC, the investment company owned by Dubai’s ruler, on Jan. 25 dropped S&P as its rating company because of a “lack of understanding of the business, its operations and relationship with the Government of Dubai.”

Abu Dhabi National Energy Co. ended its relationship with S&P last year after the state-controlled power producer’s long- term credit rating was put on negative watch.END