Al-Taif Islamic Bank – Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Al-Taif Islamic Bank (TIB or the Bank) at ‘B-’ and ‘B’, respectively. The LT FCR Outlook is Stable. CI Ratings has also affirmed TIB’s Bank Standalone Rating (BSR) of ‘b-’ with a Stable Outlook, Core Financial Strength (CFS) rating of ‘b’, and Extraordinary Support Level (ESL) of Uncertain. At the same time, CI has affirmed the Bank’s Long- and Short-Term Ratings on the Iraq National Scale of ‘iqBBB-’ and ‘iqA3’, respectively, with a Stable Outlook. These are supported and constrained by the same factors as the CFS, as outlined below.

The Bank’s BSR is derived from a CFS rating of ‘b’ and Iraq’s Operating Environment Risk Anchor (OPERA) of ‘c+’. The latter is at a level indicative of a high degree of risk, and is a key rating constraint for all Iraqi banks….