Commercial International Bank's Foreign Currency Ratings downgraded

05/02/2011 00:00 AST

Capital Intelligence (CI), the international credit rating agency, has today downgraded Commercial International Bank (CIB)'s Long-Term and Short Term Foreign Currency Ratings to 'BB+' and 'B', respectively, from 'BBB-' and 'A3'. The Outlook for these ratings is revised to 'Negative' from 'Stable'. The Support Rating is affirmed at 3. The Outlook for the Bank's 'A' Financial Strength Rating is also revised to 'Negative' from 'Stable'.

These actions follow the downgrade in Egypt's Sovereign Long-Term and Short-Term Foreign Currency Ratings to BB+ and B, respectively, from BBB- and A3. The Outlook for the Sovereign Ratings was changed to 'Negative' from 'Stable'.

According to CI's rating Methodology, the rating action on CIB's Foreign Currency Ratings captures the constraint imposed by the revised Sovereign Rating. Despite the weaker credit rating of the Sovereign, CIB's Support Rating of 3 is affirmed based on the expectation that as a systemically important bank it will continue to benefit from a high level of official support in case of need.

CIB's Financial Strength Rating will be subject to downward pressure due to the disruptive effects of political and social upheaval on the Bank's operations. It is also expected that the deterioration in the operating environment may affect the Bank's inherent financial condition, including its liquidity, asset quality and financial performance.


AME Info

News

CIB accepts Sawiris offer for investment arm

15/02/2016

Egypt's largest listed lender Commercial International Bank accepted billionaire Naguib Sawiris's bid to buy its investment arm CI Capital, market sources said. The sources said the deal would sol

Trade Arabia

Commercial International Bank poised for multi-year earnings growth

18/05/2015

Emerging and frontier markets investment bank Renaissance Capital (RenCap) believes Egypt’s Commercial International Bank (CIB)is at the start of a significant, multi-year earnings growth cycle.

CPI Financial

CIB ratings affirmed; outlook revised to stable from negative

21/08/2014

Capital Intelligence (CI) has announced that Commercial International Bank (CIB)'s Financial Strength Rating (FSR) is maintained at 'BBB-', notwithstanding ongoing economic pressures and the high sov

CPI Financial

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941
TAHSSILAT 25.00 4,010

Top Related Companies

Ticker Price Change
GLOBAL 0.00 0.00 (0.00%)
MARIN 0.00 0.00 (0.00%)
AINV 0.00 0.00 (0.00%)
TII 0.00 0.00 (0.00%)
IIC 0.00 0.00 (0.00%)

Recent News

SABIC-MCC joint venture starts output

05/04/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

Doha Bank’s third Indian branch opens today

04/04/2018

Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o

The Peninsula

SHUAA to act as liquidity provider to Bank of Sharjah

04/04/2018

Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap