Mubasher TV
Contact Us Advertising   العربية

Fitch Ratings affirms CBI's IDR at 'BBB+'; outlook stable

Fitch Ratings affirms CBI's IDR at 'BBB+'; outlook stable
The global rating agency also downgraded the bank's VR to 'b'
CBI
CBI
0.00% 0.63 0.00

Abu Dhabi - Mubasher: Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Commercial Bank International (CBI) at 'BBB+', with a stable outlook.

The global rating agency also downgraded the bank's Viability Rating (VR) to 'b' from 'b+' due to the increased pressures on the bank's asset quality and capital from the current economic downturn amid the coronavirus (COVID-19) pandemic, according to a recent press release.

The bank faces weak core capital buffers, high total potential problem loans, high capital encumbrance, and high concentration, exposing the bank to asset quality shocks.

Meanwhile, CBI's IDRs, Support Rating (SR), and Support Rating Gloor (SRF) reflect a high probability of support available to the bank from the UAE authorities if needed.