Jordan Kuwait Bank – LT FCR Outlook Revised to Positive Following Sovereign Rating Action; Ratings Affirmed
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Ref: JO0112 2PBK00-01 15 December 2022
Jordan Kuwait Bank – LT FCR Outlook Revised to Positive Following Sovereign Rating Action; Ratings Affirmed
Capital Intelligence Ratings (CI Ratings or CI) today an nounced that it has revised the Long-Term Foreign Currency Rating (LT FCR) Outlook of Jordan Kuwait Bank (JKB) to Positive from Stable. At the same time, the Bank’s LT FCR and Short-Term Foreign Currency Rating (ST FCR) have been affirmed at ‘B+’ and ‘B’, respectively. JKB’s Bank Standalone Rating (BSR) and Core Financial Strength (CFS) rating have also been affirmed at ‘b+’ and ‘bb ’, respectively. The Outlook on the BSR remains Stable.
The Positive outlook mirrors a similar action on Jordan’s sovereign ratings and indicates that the Bank’s LT FCR is likely to be raised by one notch in the next 12 months, provided the sovereign’s ratings are upgraded as currently expected. …