Tadhamon Bank’s Ratings Affirmed with a Negative Outlook

Ref: YE 0 07 20 CRA00- 01 14 April 202 2

Tadhamon Bank’s Ratings Affirmed with a Negative Outlook

Capital Intelligence Ratings (CI Ratings or CI), the international credit rating agency, today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Tadhamon Bank (TB), at ‘C’ and ‘C’, respectively. At the same time, CI Ratings has affirmed TB’s Bank Standalone Rating ( BSR ) of ‘c’, Core Financial Strength ( CFS ) rating of ‘c+’, and ESL of Uncertain . The Outlook for the LT FCR remains Negative. The Outlook for the BSR is not meaningful as ‘c’ is the lowest grade on our bank standalone rating scale.

T he FCRs are constrained by significant operating environment challenges, including elevated sovereign, political and economic risk. The operating environment remains volatile and difficult in Yemen with a…