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The International Banking Corp. 'D/D' ratings affirmed then withdrawn
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Wed July 21, 2010 9:27 pm
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INTERNATIONAL. Standard & Poor's Ratings Services said today that it affirmed its 'D/D' (default) ratings on The International Banking Corp. (TIBC). At the same time, Standard & Poor's withdrew its ratings on TIBC.

"The rating affirmation reflects our understanding that TIBC is still in default on its financial obligations," said Standard & Poor's credit analyst Mohamed Damak.

The bank defaulted on its financial obligations in May 2009, and on July 30, 2009, the Central Bank of Bahrain placed TIBC under administration.

Standard & Poor's has decided to withdraw its ratings on TIBC because we deem the information available to us to conduct appropriate surveillance of our ratings is not sufficient. At the time of the withdrawal, we did not rate any of TIBC's debt. TIBC is a small wholesale bank registered in Bahrain with total assets of $3.8 billion on December 31, 2008.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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