Fitch Ratings has changed its Support rating for Cairo Amman Bank to 3 from 4. The change is due to better sovereign prospects following the reduced political risks associated to Iraq, as well as the improved economy, which in turn implies a stronger level of potential support from the authorities for the larger banks in Jordan's banking system, stated a press release.
Fitch's Support ratings deal with the question of whether a bank would receive support from its owners or from the state if it were to get into difficulty. These ratings are not debt ratings but rather an assessment of any level of outside support that may, or may not, be available to it. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
