Al Janoob Islamic Bank – CFS Raised

Ref: IQ0 1 6 2 2 CRA00- 0 1 12 A pril 2 02 3

Al Janoob Islamic Bank – CFS Raised

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has raised the Core Financial Strength (CFS) rating of Al Janoob Islamic Bank for Investment and Finance (JIB) to ‘b + ’ from ‘b‘. At the same time, CI Ratings has affirmed the Bank’s Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency (ST FCR) of ‘B-‘ and ‘B‘, respectively, and the Bank Standalone Rating (BSR) of ‘b-’. The Outlook for both the LT FCR and the BSR is affirmed Stable. The Extraordinary Support Level (ESL) is Uncertain.

CI has also upgraded JIB’s Long-Term Rating on the Iraq National Scale to ‘iq BBB’, from ‘iqBBB-’, with a Stable Outlook. The Short-Term Rating was affirmed at ‘iqA3’. These ratings are supported and constrained by the same factors as the CFS as outlined below.

The…