Middle East Economic Survey

VOL. LII

No 17

27-Apr-2009

UAE

Moodys Downgrades Shuaa Rating by Two Notches

Moodys Investors Service on 16 April downgraded the long-term foreign currency and local currency issuer ratings of investment bank Shuaa Capital by two notches to Ba1 from Baa2 and its short term ratings to Not-Prime. The rating outlook is negative, concluded a review initiated on 10 December 2008. The rating agency attributed the downgrade to deterioration in the companys fundamentals, in...