Moody”s has put HSBC Middle East under review for possible downgrade, based on a weakening UAE economy and worries over the bank’s parent company.

“The parent company”s negative outlook … in tandem with increasing concerns about the UAE and the fact that 70 per cent of their activities are in the UAE was enough to put them under review,“ said John Tofarides, analyst at Moody”s. He also said the “potential of rising delinquencies in the next 12-18 months is significantly enhanced.”

On March 9 Moody”s downgraded global HSBC Holdings, the parent company, and HSBC Bank, the group’s European operations.

For more details see this article by Uta Harnischfeger.

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