BLOM Bank - CFS Lowered to 'b-' and FCRs Maintained at 'SD'

Overview

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Core Financial Strength (CFS) rating of BLOM Bank to 'b-' from 'b'. This adjustment mainly reflects the continuing deterioration of sovereign credit risk and the expected impairment (as is the case with all Lebanese banks) of the Bank's exposure to all forms of foreign and local currency Lebanese sovereign debt. Other than holdings of eurobonds, which the Bank is believed to have considerably reduced over the past years, sovereign exposure includes placements and CDs with Banque du Liban (BdL), as well as local currency T-bills.

Attachments

• Rating Announcement (CRA)
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