Ref: JO 01822 CRA00-01 5 September 2023
Bank Al Etihad − Ratings Assigned
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned Bank Al Etihad (BAE) a first time Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of ‘B+’ and ‘B’, respectively. At the same time, CI Ratings has assigned to BAE a Bank Standalone Rating ( BSR) of ‘b+’, a Core Financial Strength ( CFS) rating of ‘bb+’, and an Extraordinary Support Level ( ESL ) of Moderate . The Outlook for the LT FCR and BSR is Positive .
The Bank’s BSR is based on a CFS rating of ‘bb+’ and an Operating Environment Risk Anchor ( OPERA ) of ‘b+’, and incorporates CI’s assessment of BAE’s capacity to withstand sovereign-induced economic and financial stress. Although ESL is Moderate, there is no uplift for the LT FCR as the latter is already at Jordan’s sovereign LT FCR…