Al Janoob Islamic Bank – Ratings Affirmed

Ref: IQ0 1 6 20 CRA00- 0 1 20 A pril 2 02 1

Al Janoob Islamic Bank – Ratings Affirmed

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

CI has also affirmed JIB’s Long- and Short-Term Ratings on the Iraq National Scale of ‘iq BBB-’ and ‘iqA3’, respectively, with a Stable Outlook. These are supported and constrained by the same factors as the CFS as outlined below.

We consider the likelihood of sufficient and timely official support being made available to JIB in the event of financial distress to be…