By John Lee. Iraq's national team and technical committee for sovereign credit ratings have held a joint meeting to discuss mechanisms for improving the country's sovereign and credit rating. The meeting was chaired by the Governor of the Central Bank of Iraq (CBI), Ali Mohsen Al-Alaq, and attended by the Prime Minister's adviser and head […]
By John Lee. Fitch Ratings has affirmed Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. The rating is unchanged from this time last year. More details here. (Source: Fitch Ratings)
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani has directed the formation of a joint national team to strengthen Iraq's financial and economic standing internationally. The team will be chaired by the Governor of the Central Bank of Iraq and include representatives from the Ministries of Finance, Oil, and Planning, along with specialised economic and […]
By John Lee. Fitch Ratings has affirmed Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook.. More details here. (Source: Fitch Ratings)
By John Lee. Fitch Ratings has affirmed Trade Bank of Iraq's (TBI) Long-Term Issuer Default Rating (IDR) at 'CCC+', Short-Term IDR at 'C' and Government Support Rating (GSR) at 'ccc+'. Fitch has removed the Stable Outlook on TBI's Long-Term IDR, which was previously published in error. It says the rating reflects, "the absence of any […]
By John Lee. Fitch Ratings has assigned Cihan Bank for Islamic Investment and Finance P.S.C (Cihan) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating, "reflects the weak operating environment, the bank's weak franchise, volatile business model, high risk appetite, including a high share of financial […]
By John Lee. Fitch Ratings has affirmed Gulf Commercial Bank (GCB)'s Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating, "reflects a weak operating environment, the bank's weak franchise and volatile business model, high risk appetite, including still high related-party lending, and weak asset quality and profitability." […]
By John Lee. Fitch Ratings has affirmed Iraq's Sumer Commercial Bank PSC's (SCB) Long- and Short-Term Issuer Default Ratings (IDRs) at 'RD' (Restricted Default) and Viability Rating (VR) at 'f'. Fitch has also withdrawn the bank's ratings. It says that, before the rating withdrawal, SCB's IDRs reflected the Central Bank of Iraq's (CBI) intervention, which […]
By John Lee. Fitch Ratings has affirmed Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. More details here. (Source: Fitch Ratings)
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 […]
By John Lee. Fitch Ratings has assigned Erbil's Region Trade Bank for Investment and Finance Private Shareholding (RTB) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating reflects the bank's, "limited franchise, unstable business model, volatile and concentrated customer deposit base and weak albeit improving profitability." […]
By John Lee. Fitch Ratings has affirmed Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. More details here. (Source: Fitch Ratings)
