Iraqi Islamic Bank for Investment and Development – Ratings Assigned

Iraqi Islamic Bank for Investment and Development – Ratings Assigned

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned a first-time Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) to Al Janoob Islamic Bank (JIB) of ‘B-’ and ‘B’, respectively. The Outlook for the LT FCR is Stable. At the same time, CI Ratings has assigned to IIB a Bank Standalone Rating (BSR) of ‘b-’ with a Stable Outlook, a Core Financial Strength (CFS) rating of ‘bb-’, and an Extraordinary Support Level (ESL) of Uncertain. CI considers the likelihood of sufficient and timely official support being made available to IIB in the event of financial distress to be uncertain and, consequently, does not incorporate such support into the Bank’s LT FCR. Moreover, even if the government may be willing to provide extraordinary support in case of need, its financial capacity to do so is…