CIB Bank – Ratings Affirmed

CIB 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 CIB Bank (CIB) at ‘BB+’ and ‘B’, respectively. At the same time, CI Ratin gs has affirmed CIB’s Bank Standalone Rating ( BSR ) of ‘bb’, Core Financial Strength ( CFS ) rating of ‘bb’ , and Extraordinary Support Level (ESL) of Moderate . The Outlook on the LT FCR and BSR remains Stable.

The Bank’s LT FCR is set one notch above the BSR to reflect the moderate likelihood of extraordinary support in the event of need. Intesa Sanpaolo’s (ISP; Italy’s largest bank) supportive and long-term focused ownership of CIB has been demonstrated by the substantial and recurrent capital injections during loss-making periods (2010-16).

The BSR is derived from a CFS rating of ‘bb’, reflecting the Bank’s…