Moody's has cut Bahrain Islamic Bank's (BisB) supported issuer ratings to Ba3 / Not Prime from Ba1 / Not Prime following the rating agency's review for downgrade initiated in June last year.
In addition, Moody's has set the bank financial strength rating of BisB at E+, but changed its mapping on the long term scale to B3 from B1. All ratings carry a negative outlook, it added.
According to Moody's, the re-mapping of the BCA to B3 from B1 will reflect the recently aborted merger with Al-Salam Bank (ASBB). The bank faces renewed uncertainty regarding its future capital position.
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