Safwa Islamic Bank’s – Ratings Affirmed

Ref: JO03122 CRA00- 0 1 3 May 2023

Safwa Islamic Bank’s – Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed Safwa Islamic Bank ’s (SIB) Long-Term Foreign Currency Rating (LT FCR ) and Short-Term Foreign Currency Rating (ST FCR ) of ‘B+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed SIB ’s Bank Standalone Rating ( BSR ) of ‘b+’, its Core Financial Strength ( CFS ) rating of ‘bb’ , and Extraordinary Support Level ( ESL ) of Moderate. The O utlook for the LT FCR and BSR remains Positive and Stable , respectively .

The Bank’s BSR is derived from a CFS rating of ‘bb’ and an O perating Environment Risk Anchor (O PERA ) of ‘b+’ (indicating significant risk ) . Although SIB’s ESL is Moderate there is no uplift for the BSR as the latter is already at Jordan’s sovereign LT FCR level…