30 November 2011
AMMAN (JT) -- Standard & Poor's (S&P) Ratings Services lowered this week its long-term counterparty credit ratings on Jordan-based Arab Bank Plc. to 'BB' from 'BB+'. In a statement emailed to The Jordan Times, the bank's short-term counterparty credit ratings were affirmed at 'B'. The outlook is negative. The rating action follows the agency's recent negative rating action on Jordan's long-term local-currency rating. The ratings on Arab Bank reflect the strengths of the Arab Bank Group (not rated) but also its incorporation in Jordan , where the bank is subject to sovereign risk, S&P said, adding the ratings on Arab Bank are constrained by the local currency ratings on the sovereign.
With total assets of $45 billion on September 30 of this year, Arab Bank Group is one of the Middle East's largest banking organisations. Operating in 30 countries across five continents, Arab Bank Group is also one of the most geographically diversified banking groups. It deploys about 32 per cent of its loans in Levant countries, including Jordan, and about 41 per cent in the Gulf Cooperation Council countries, according to S&P.
AMMAN (JT) -- Standard & Poor's (S&P) Ratings Services lowered this week its long-term counterparty credit ratings on Jordan-based Arab Bank Plc. to 'BB' from 'BB+'. In a statement emailed to The Jordan Times, the bank's short-term counterparty credit ratings were affirmed at 'B'. The outlook is negative. The rating action follows the agency's recent negative rating action on Jordan's long-term local-currency rating. The ratings on Arab Bank reflect the strengths of the Arab Bank Group (not rated) but also its incorporation in Jordan , where the bank is subject to sovereign risk, S&P said, adding the ratings on Arab Bank are constrained by the local currency ratings on the sovereign.
With total assets of $45 billion on September 30 of this year, Arab Bank Group is one of the Middle East's largest banking organisations. Operating in 30 countries across five continents, Arab Bank Group is also one of the most geographically diversified banking groups. It deploys about 32 per cent of its loans in Levant countries, including Jordan, and about 41 per cent in the Gulf Cooperation Council countries, according to S&P.
© Jordan Times 2011
