By John Lee.
Fitch Ratings has placed Iraq's Sumer Commercial Bank PSC's (SCB) Long- and Short-Term Issuer Default Ratings (IDRs) of 'CCC+' and 'C', respectively, and Viability Rating (VR) of 'ccc+' on Rating Watch Negative (RWN).
It says the recent ban that prohibits SCB from dealing in US dollars restricts the bank's capacity to repay its US dollar-denominated customer deposits and any other US dollar obligations, and will severely weaken SCB's business, risk and financial profiles.
(Source: Fitch Ratings)
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