S&P downgrades ratings on four UAE banks

Standard & Poor’s has lowered its credit ratings on four UAE banks over their likely exposure to Dubai World debts.

The ratings agency said it had reduced counterparty ratings for Emirates Bank International, National Bank of Dubai andMashreqbank to ‘BBB’ from ‘A’, while affirming their short-term ratings at ‘A-2′.

Simultaneously, it lowered its long- and short-term counterparty credit ratings on Dubai Islamic Bank to ‘BBB-/A-3′ from ‘BBB+/A-2′.