Capital Intelligence RSS Feed http://www.ciratings.com/_rss/news.xml Capital Intelligence Capital Intelligence http://www.ciratings.com/news/2020/03/31/3370 Issue Ratings on Lebanon’s Eurobonds Lowered to ‘D’; All Ratings Subsequently Withdrawn Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the foreign currency issue ratings assigned to Lebanon's eurobonds to 'D' (default) from 'CC'. The eurobonds were issued in three tranches: USD1.25bn due in 2027, USD1bn due in 2032, and USD0.75bn due in 2037. At the same time, CI Ratings has withdrawn the ratings since they are no longer relevant following the payment default and given the government's intention to restructure its eurobonds. 27 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3369 National Bank of Iraq – Ratings Affirmed with a Stable 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 National Bank of Iraq (NBI) at 'B' and 'B', respectively. At the same time, CI Ratings has assigned to NBI a Bank Standalone Rating (BSR) of 'b-', a Core Financial Strength (CFS) rating of 'bb', and an Extraordinary Support Level (ESL) of Moderate. The Outlook for both the LT FCR and BSR is Stable, indicating that the ratings are unlikely to change over the next 12 months. 26 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3368 Global COVID-19 Pandemic and Potential Oil Supply Glut Pose Serious Risk to the Public Finances of GCC States Over the past three weeks, global oil markets have been rattled by large demand and supply shocks which have triggered a sharp decrease in oil prices. If not quickly reversed, this is set to significantly weaken the public finances of GCC countries. Forecasts of global oil demand in 2020 have been reduced markedly in recent weeks as the ongoing spread of the coronavirus disease (COVID-19) has led to a sharp decrease in global economic activity. Apart from weakening oil demand, oil prices have also been hit by fears of a global oil supply glut following the decision of OPEC+ countries to discontinue their cooperation. The agreement  – which had cut OPEC+ oil production by a combined 2.1 million barrels per day (bpd) – will expire at end of this month. 26 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3367 Investcorp - Ratings Withdrawn Capital Intelligence Ratings (CI Ratings or CI), the international credit rating agency, announced today that it has withdrawn Investcorp's ratings and discontinued analytical coverage. The decision to withdraw the ratings has been taken by CI Ratings for business reasons and does not reflect a change in the creditworthiness of the rated entity. During H2 FY19 Investcorp Bank B.S.C. voluntarily surrendered its Bahrain wholesale banking license and completed its conversion to a holding company, Investcorp Holdings B.S.C., in order to better align its operating structure with its alternative investment management business model. 24 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3366 Cyprus’ Sovereign Ratings Affirmed; Outlook Revised to Stable Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook for the Republic of Cyprus' ratings to Stable from Positive. At the same time, the sovereign's Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) have been affirmed at 'BB+' and 'B', respectively. 20 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3365 International Bank of Yemen’s Ratings Suspended Capital Intelligence Ratings (CI Ratings or CI) today announced that it has suspended the credit ratings of the International Bank of Yemen (IBY) due to the absence of financial information. At the time of suspension, IBY's Long- and Short-Term Foreign Currency Ratings were both 'C' with a Negative Outlook. 19 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3364 Capital Bank of Jordan - Ratings Affirmed with a Stable Outlook Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the LT FCR and ST FCR of Capital Bank of Jordan (CAP) at 'B+' and 'B', respectively. At the same time, CI Ratings has affirmed CAP's Bank Standalone Rating (BSR) of 'b+', Core Financial Strength (CFS) rating of 'bb', and Extraordinary Support Level (ESL) of Moderate. The Outlook for the LT FCR and BSR is Stable. 17 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3363 Canara Bank - Ratings Affirmed with a Stable Outlook Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Canara Bank (CB) at 'BB+' and 'B' respectively. At the same time, CI Ratings has assigned to CB a Bank Standalone Rating (BSR) of 'bb-', a Core Financial Strength (CFS) rating of 'bb-' and an Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and the BSR is Stable. 17 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3362 Fransabank - CFS Lowered to 'c+' and FCRs Maintained at 'SD' Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Core Financial Strength (CFS) rating of Fransabank (FB) to 'c+' 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 eurobonds, the Bank's sovereign exposure includes placements and CDs with Banque du Liban (BdL), as well as local currency T-bills. 12 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3361 Credit Libanais - CFS Lowered to 'c' and FCRs Maintained at 'SD' Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Core Financial Strength (CFS) rating of Credit Libanais (CL) to 'c' 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 eurobonds, the Bank's sovereign exposure includes placements and CDs with Banque du Liban (BdL), as well as local currency T-bills. 12 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3360 BLOM Bank - CFS Lowered to 'b-' and FCRs Maintained at 'SD' 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. 12 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3359 Byblos Bank - CFS Lowered to 'c+' and FCRs Maintained at 'SD' Capital Intelligence Ratings (CI Ratings or CI) has revised the Core Financial Strength (CFS) rating of Byblos Bank (Byblos) to 'c+' 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 eurobonds, the Bank's sovereign exposure includes placements and CDs with Banque du Liban (BdL), as well as local currency T-bills. 12 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3358 Bank Audi - CFS Lowered to 'c+' and FCRs Maintained at 'SD' Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Core Financial Strength (CFS) rating of Bank Audi (Audi) to 'c+' 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 eurobonds, the Bank's sovereign exposure includes placements and CDs with Banque du Liban (BdL), as well as local currency T-bills. 12 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3357 Jordan Kuwait Bank - Ratings Affirmed Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-term Foreign Currency Rating (ST FCR) of Jordan Kuwait Bank (JKB) at 'B+' and 'B', respectively. At the same time, CI Ratings has affirmed the Bank's Bank Standalone Rating (BSR) of 'b+', Core Financial Strength (CFS) rating of 'bb+', and Extraordinary Support Level (ESL) of Moderate. The Outlook for the LT FCR and BSR is Stable. 12 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3356 Correction: Lebanon's Foreign Currency Ratings Lowered to 'SD' Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered Lebanon's Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) to 'SD' from 'C-' and 'C', respectively. At the same time, CI Ratings has affirmed the sovereign's Long-Term Local Currency Rating (LT LCR) at 'C-' and Short-Term Local Currency Rating (ST LCR) at 'C'. The Outlook for the LT LCR remains Negative. CI has also affirmed the 'CC' foreign currency issue ratings and Negative Outlook assigned to Lebanon's USD1.25bn eurobond maturing in 2027, USD1bn eurobond due in 2032, and USD0.75bn eurobond due in 2037. 11 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3355 Banque du Caire - Ratings Affirmed Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Banque du Caire (BdC) at 'B+' and 'B', respectively. 11 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3354 Union Bank of India - Ratings Affirmed with a Stable Outlook Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Union Bank of India (UBI) at 'BB' and 'B' respectively. At the same time, CI Ratings has assigned to UBI a Bank Standalone Rating (BSR) of 'b+', a Core Financial Strength (CFS) rating of 'b' and an Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and the BSR is Stable. 11 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3353 Egypt - Sovereign Ratings Affirmed with a Stable Outlook Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Long-Term Local Currency Rating (LT LCR) of Egypt at 'B+'. The sovereign's Short-Term Foreign Currency Rating (ST FCR) and Short-Term Local Currency Rating (ST LCR) have also been affirmed at 'B'. The Outlook for the ratings remains Stable. 06 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3352 Lebanon - Sovereign Ratings Downgraded; Outlook Remains Negative Capital Intelligence Ratings (CI Ratings or CI) today announced that it has downgraded Lebanon's Long-Term Foreign Currency Rating (LT FCR) and Long-Term Local Currency Rating (LT LCR) to 'C-' from 'C+'. At the same time, CI Ratings has affirmed the sovereign's Short-Term Foreign Currency Rating (ST FCR) and Short-Term Local Currency Rating (ST LCR) at 'C'. The Outlook for the ratings remains Negative. 06 March 2020 Capital Intelligence http://www.ciratings.com/news/2020/03/31/3351 National Bank of Egypt’s Ratings Affirmed Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of National Bank of Egypt (NBE) at 'B+' and 'B', respectively. The LT FCR Outlook remains Stable. At the same time, CI Ratings has assigned to NBE a Bank Standalone Rating (BSR) of 'b' with a Stable Outlook, a Core Financial Strength (CFS) rating of 'bb-' and an Extraordinary Support Level (ESL) of Moderate. The Stable Outlook for the ratings reflects CI's expectation that the ratings are unlikely to change over the next 12 months. 28 February 2020 Capital Intelligence