Fitch Ratings has downgraded Jordan-based Bank of Jordan (BOJ), Jordan Islamic Bank (JIB), The Housing Bank for Trade and Finance (HBTF), and Cairo Amman Bank’s (CABK) Support Ratings to ‘4′ from ‘3′. The Support Rating Floor for BOJ and JIB has been revised to ‘B+’ from ‘BB-’. A full list of rating actions is at the end of this release.
These rating actions reflect a weakening in the state of Jordan’s creditworthiness. Higher domestic borrowing and dependence on foreign grants to meet public expenditure needs have weakened government finances………………………………………..Full Article: Source