Ratings agency Moody's wants more clarity on the Dubai government's bailout of struggling Islamic lender Dubai Bank before taking ratings action, it said in a statement.
The ratings agency put the troubled lender on review with direction uncertain after Dubai's government took control of the lender and said it would give it a capital injection. "The standalone ratings could still be lowered if the loan portfolio cleanup and recapitalisation is not concluded in the immediate future," Khalid Howladar, Moody's senior credit officer in Dubai, said in the statement.
"Or if Moody's considers DB's post-rescue creditworthiness to be better-reflected in a lower rating."
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