National Bank of Iraq − Ratings Affirmed with a Stable Outlook

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 National Bank of Iraq (NBI or the Bank) at ‘B’ and ‘B’, respectively. At the same time, CI Ratings has affirmed NBI’s Bank Standalone Rating (BSR) of ‘b-’, Core Financial Strength (CFS) rating of ‘bb’, and Extraordinary Support Level (ESL) of Moderate. The Outlook for both the LT FCR and BSR is Stable.

CI has also affirmed the Bank’s Long- and Short-Term Ratings on the Iraq National Scale of ‘iqA’ and ‘iqA1’, respectively, with a Stable Outlook. These are supported and constrained by the same factors as the CFS as outlined below.

The Bank’s LT FCR is set one notch above the BSR to reflect the moderate likelihood of extraordinary support from the Jordanian parent, the Capital Bank of Jordan (CAP). While CI considers CAP willing to provide extraordinary support, its…