Safwa Islamic Bank – LT FCR Outlook Revised to Positive Following Sovereign Rating Action; Ratings Affirmed

Safwa Islamic Bank – LT FCR Outlook Revised to Positive Following Sovereign Rating Action; Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Long-Term Foreign Currency Rating (LT FCR) Outlook of Safwa Islamic Bank (SIB) 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. SIB ’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. This is because the Bank’s LT FCR and BSR are currently at, but not…