Moody's has today confirmed Bahrain Islamic Bank's issuer ratings at ‘Ba3’, and upgraded the standalone baseline credit assessment (BCA) to ‘b3’ from ‘caa1’, according to a press statement.
The rating agency said that the outlook on the long term deposits is ‘Positive’.
“At the same time the bank's counterparty risk assessment of Ba2(cr)/NP(cr) were confirmed and the Not-Prime short term issuer ratings were affirmed,” according to the statement.
Moody's said that the confirmation of the Ba3 long-term issuer rating reflected the evaluation of a very high likelihood of support from the Government of Bahrain (Baa3/negative).
