Cairo Amman Bank – LT FCR Outlook Revised to Positive F ollowing Sovereign Rating Action ; Ratings Affirmed
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Ref: JO006 21 CRA00- 0 1 15 December 20 22
Cairo Amman Bank – LT FCR Outlook Revised to Positive F ollowing Sovereign Rating Action ; Ratings Affirmed
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revi sed the Long-Term Foreign Currency Rating (LT FCR) Outlook of Cairo Amman Bank (CA B) to Positive from Stable. At the same time, the Bank’s LT FCR and Short-Term Foreign Currency Rating (ST FCR) have been affirmed at ‘B+’ and ‘B’, respectively. CAB ’s Bank Standalone Rating (BSR) and Core Financial Strength (CFS) rating have also been affirmed at ‘b+’ and ‘bb ’, respectively. The BSR Outlook remains Stable.
The Positive outlook mirrors a similar action on Jordan’s sovereign ratings and indicates that the Bank’s LT FCR is likely to be raised by one notch in the next 12 months, provided the sovereign’s ratings are upgraded as currently expected. This is…