March 17, 2020 / 2:27 PM / 12 days ago

BRIEF-Moody's Says UAE Support Scheme Will Soften Coronavirus' Blow To Economy And Banks

March 17 (Reuters) - Moody’s:

* MOODY’S SAYS UAE SUPPORT SCHEME WILL SOFTEN CORONAVIRUS’ BLOW TO ECONOMY AND BANKS

* MOODY’S SAYS SUPPORT MEASURES WILL LIMIT UAE BANKS’ LIKELY MATERIAL ASSET QUALITY DETERIORATION FROM THE CORONAVIRUS OUTBREAK

* MOODY’S SAYS EXPECT CORONAVIRUS TO NEGATIVELY AFFECT THE UAE’S KEY NON-OIL SECTORS OF TOURISM, TRANSPORTATION, TRADE AND REAL ESTATE

* MOODY’S SAYS EXPECT BORROWERS IN THE UAE’S TOURISM, TRANSPORTATION, TRADE AND REAL ESTATE SECTORS TO BE MOST AFFECTED BY CORONAVIRUS

* MOODY’S SAYS UAE’S NEW FUNDING SCHEME WILL NOT MUTE BANKS’ SIGNIFICANT ASSET QUALITY CHALLENGES, PARTICULARLY SHOULD THE PANDEMIC BE PERSISTENT

* MOODY’S SAYS SUBSTANTIAL ONGOING RESTRUCTURING OF CORPORATE DEBT TO LIMIT REPORTED PROBLEM LOANS, BUT WILL INCREASE POTENTIAL PROBLEM LOAN FORMATION FOR UAE

* MOODY’S - TRAVEL BANS, CURTAILMENT OF NONESSENTIAL TRAVEL TO & FROM AFFECTED AREAS IS NEGATIVELY AFFECTING TOURISM, HOSPITALITY, TRANSPORTATION IN UAE

* MOODY'S SAYS IT EXPECTS UAE'S SMALL AND MEDIUM ENTERPRISES TO BE PARTICULARLY VULNERABLE TO ECONOMIC SHOCKS Source text: (bit.ly/2TWdpfB)

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