CI: Tadhamon International Islamic Bank’s ratings downgraded

Capital Intelligence Ratings announced that it has downgraded the ratings of Tadhamon International Islamic Bank (TIIB), based in Yemen. TIIB’s Financial Strength Rating (FSR) was downgraded to 'B-' from 'B' due to the extremely challenging local operating environment and the attendant risk to the Bank’s financials, and continued pressure on earnings and associated volatility. The Bank’s Long-Term Foreign Currency Rating (FCR) is downgraded to 'C' (from 'C+') due to sovereign risk factors and the operating environment. The Short-Term FCR is maintained at 'C'. All ratings remain on a 'Negative' Outlook.