First Syrian Private Bank to receive rating by International
Rating Agency in 2011
Capital Intelligence Assigns ratings to Bank of Syria
Capital Intelligence (CI),
the international credit rating agency, assigned Bank of Syria and
Overseas (BSO) Foreign Currency Long Term and Short Term Ratings of
'BB-' and 'B' respectively, these ratings are constrained by CI's
sovereign ratings for Syria.
The agency assigned BSO a Financial Strength Rating (FSR) of 'BB' and a
Support Rating of '3'; the outlook for all the ratings is stable.
The same agency assigned Syria sovereign rating for
the first time, long-term foreign currency rating of 'BB-' (BB minus),
and a short-term foreign currency rating of 'B'. CI also assigned Syria a
long-term local currency rating of 'BB' and a short-term local currency
rating of 'B'.
The agency mentioned in its report that BSO's good asset
quality and very strong liquidity underpin the ratings assigned, in
addition BSO receives strong management and financial backing from its
well regarded parent BLOM Bank.
This rating however, is an indication of the stability and
soundness of the banking sector in Syria.