VOL. XL

No. 40

6-October-1997

UAE

S&P Issues Pi Ratings On UAE Banks

On 1 October the US-based ratings agency Standard and Poor's (S&P) issued fiveunsolicited ratings, this time to UAE institutions. S&P first issued pi ratings in theMiddle East to five Saudi banks (MEES, 17 March), arguing that it was doing so inresponse to investor demand from international investors and lenders. The so-called"pi" ratings, which are made on the basis of publicly available information, donot carry...