Abu Dhabi Commercial Bank has terminated its contract with Moody's Investors Service only months after settling a lawsuit with the credit ratings agency.
The capital's second-biggest lender, which lost millions on bad bets before the financial crisis that were given investment grade ratings by Moody's and other ratings agencies, cut ties earlier this week.
"On 15 July 2013 Abu Dhabi Commercial Bank… terminated its agreement with Moody's Investors Service to provide ratings services to ADCB, ADCB Finance (Cayman) Limited, ADCB Islamic Finance (Cayman) Limited and any other subsidiaries of ADCB," the bank said in a statement.
"ADCB and its subsidiaries will continue to be rated by Standard & Poor's Ratings Services, Fitch Ratings Ltd and RAM Rating Services Berhad."
ADCB's shares fell 0.9 per cent to Dh5.30 per share after the statement was released.
In April, a group of plaintiffs led by ADCB settled with Moody's and Standard & Poor's over a lawsuit regarding ratings on soured credit derivatives that the bank alleged were inflated. The bank did not state whether the termination was linked to the lawsuit.
Moody's did not respond to requests for comment. Disagreements between ratings agencies and the companies they cover are a frequent occurrence in the UAE.
ghunter@thenational.ae
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
COMPANY%20PROFILE
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Brief scoreline:
Liverpool 5
Keita 1', Mane 23', 66', Salah 45' 1, 83'
Huddersfield 0
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.