Bank AlJazira’s Ratings Affirmed with a Stable Outlook

Bank AlJazira’s 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 Bank AlJazira (BAJ) at ‘A-’ and ‘A2’, respectively. At the same time, CI Ratings has affirmed BAJ’s Bank Standalone Rating (BSR) of ‘bbb’, Core Financial Strength (CFS) rating of ‘bbb-’ and Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR remain s Stable.

The Bank’s LT FCR is set two notches above the BSR to reflect the high likelihood of timely and sufficient extraordinary support from the government if needed, despite the low stake held by the latter in BAJ’s capital. All Saudi domestic banks are considered as systemically important banks that play an important role in building and nurturing the economy, underpinning the Saudi…