Iraqi Islamic Bank for Investment and Development – 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 the Iraqi Islamic Bank for Investment and Development (IIB or the Bank) at ‘B-’ and ‘B’, respectively. CI Ratings has also affirmed IIB’s Bank Standalone Rating (BSR) of ‘b-’, Core Financial Strength (CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of Uncertain. The Outlook on the LT FCR and BSR is Stable.

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

The Bank’s BSR is derived from a CFS rating of ‘bb-’ and an Operating Environment Risk Anchor (OPERA) of ‘c+’. The latter is at a level indicative of a high degree of risk and is a key rating constraint for…