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First
Syrian Private Bank to receive rating by International Rating
Agency
Capital Intelligence Assigns ratings to Bank of Syria and
Overseas:
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. |
