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
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
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Top tips to avoid cyber fraud
Microsoft’s ‘hacker-in-chief’ David Weston, creator of the tech company’s Windows Red Team, advises simple steps to help people avoid falling victim to cyber fraud:
1. Always get the latest operating system on your smartphone or desktop, as it will have the latest innovations. An outdated OS can erode away all investments made in securing your device or system.
2. After installing the latest OS version, keep it patched; this means repairing system vulnerabilities which are discovered after the infrastructure components are released in the market. The vast majority of attacks are based on out of date components – there are missing patches.
3. Multi-factor authentication is required. Move away from passwords as fast as possible, particularly for anything financial. Cybercriminals are targeting money through compromising the users’ identity – his username and password. So, get on the next level of security using fingertips or facial recognition.
4. Move your personal as well as professional data to the cloud, which has advanced threat detection mechanisms and analytics to spot any attempt. Even if you are hit by some ransomware, the chances of restoring the stolen data are higher because everything is backed up.
5. Make the right hardware selection and always refresh it. We are in a time where a number of security improvement processes are reliant on new processors and chip sets that come with embedded security features. Buy a new personal computer with a trusted computing module that has fingerprint or biometric cameras as additional measures of protection.
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Ferrari 12Cilindri specs
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