Bank AlJazira’s Ratings Affirmed

Bank AlJazira’s 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. The LT FCR O utlook is Negative, mirroring the outlook for Saudi Arabia’s sovereign ratings . At the same time, CI Ratings has affirmed BAJ’s B ank S tandalone R ating (BSR) of ‘bbb’ with a S table O utlook , C ore F inancial S trength (CFS) rating of ‘bbb-’ and E xtraordinary Support Level (E SL ) of High .

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 s overeign r ating s : ‘A+’/‘A1’/ Negative’). All Sa udi domestic banks are consid ered systemically important institutions…