IslamicFinance.de

Capital Intelligence Ratings has affirmed the credit ratings of Tadhamon International Islamic Bank (TIIB), based in Sana'a, Yemen. The Bank’s Long- and Short-Term Foreign Currency Ratings (FCRs) are both maintained at 'C', reflecting the volatile operating environment and devastated economy. TIIB has confirmed to CI Ratings that it is not currently in default of any obligations. All ratings remain on a 'Negative' Outlook. The rating is supported by adequate liquidity. Real estate and other investments outside of Yemen represent around 40% of the balance sheet. The Support Rating is adjusted to '5' from '4' based on the low likelihood of support from shareholders and the authorities, and their ability to provide timely assistance.

Capital Intelligence Ratings announced that it has downgraded the ratings of Tadhamon International Islamic Bank (TIIB), based in Yemen. TIIB’s Financial Strength Rating (FSR) was downgraded to 'B-' from 'B' due to the extremely challenging local operating environment and the attendant risk to the Bank’s financials, and continued pressure on earnings and associated volatility. The Bank’s Long-Term Foreign Currency Rating (FCR) is downgraded to 'C' (from 'C+') due to sovereign risk factors and the operating environment. The Short-Term FCR is maintained at 'C'. All ratings remain on a 'Negative' Outlook.