Commercial Islamic Bank of Iraq – Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed Commercial Islamic Bank of Iraq’s (CIBIQ) − formerly the Commercial Bank of Iraq − Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of ‘B’ and ‘B’, respectively. The LT FCR Outlook is Stable. CI Ratings has also affirmed CIBIQ’s Bank Standalone Rating (BSR) of ‘b-’ with a Stable Outlook, the Core Financial Strength (CFS) rating of ‘bb-’, and the Extraordinary Support Level (ESL) of High.

At the same time, CI has affirmed CIBIQ’s Long- and Short-Term Ratings on the Iraq National Scale of ‘iqA-’ and ‘iqA2’, respectively, with a Stable Outlook. These ratings are supported and constrained by the same factors as the CFS as outlined below.

CIBIQ’s LT FCR is set one notch above the BSR to underscore the high likelihood of extraordinary support from its parent Ahli United Bank (AUB), whose BSR is ‘bbb’, in Bahrain. CI…