CIB Bank’s Ratings Affirmed

Ref: HU00219 CRA00-01 2 5 September 2020

CIB Bank’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 CIB Bank (CIB) at ‘BBB-’ and ‘A3’, respectively. The Outlook for the LT FCR remains Negative. At the same time, CI R atings has affirmed CIB’s Bank Standalone Rating (B SR ) of ‘bb+’ with a Negative Outlook, and Core Finan cial Strength ( CFS ) rating of ‘bb+’.

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. The supportive and long-term focused ownership by Intesa Sanpaolo (ISP), one of Italy’s largest banks, has been affirmed by the substantial recurrent injections to CIB’s capital during loss-making periods (2010-16).

Despite further improvement in the…