Burgan Bank – Ratings Affirmed

Ref: KW 00 3 2 1 CRA00- 01 18 May 202 2

Burgan Bank – 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 Burgan Bank K.P.S.C. (BB) at ‘A+’ and ‘A1’, respectively. At the same time, CI Ratings has affirmed BB ’s B ank Standalone Rating (B SR ) of ‘bbb+’, C ore Financial Strength (C FS ) rating of ‘bbb+’ and Extraordinary Support Level ( ESL ) of High. The Outlook for the LT FCR and BSR has been maintained at Stable.

As the ESL is set at High, there is a three-notch uplift for the LT FCR over the BSR, taking it to ‘A+’. The ESL reflects CI’s view that official support for BB would be forthcoming if needed. As the sovereign is itself rated ‘A+’, financial capacity to support is not in doubt. Despite the lack of…