Bank AlJazira – Ratings Affirmed
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Summary
Ref: SA 00 521 CRA00- 01 20 September 20 2 2
Bank AlJazira – Ratings Affirmed
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 Bank AlJazira (BAJ) at ‘A-’ and ‘A2’, respectively. At the same time, CI Ratings has affirmed BAJ ’s B ank S tandalone R ating (BSR) of ‘bbb ’ , C ore Financial Strength (CFS) rating of ‘bbb – ’ , and E xtraordinary Support Level (ES L ) of High . The Outlook for the LT FCR and BSR remains Stable.
The Bank’s LT FCR is set two notches above the BSR to reflect the high likelihood of timely and appropriate extraordinary support from the government in case of need (Saudi Arabia sovereign ratings: ‘A+’/‘A1’/Stable’). All Saudi domestic banks are considered systemically important institutions that play a major role in building…