|Fitch Ratings has affirmed Bank of Jordan ( BOJ ) and Jordan Islamic Bank 's ( JIB ) Long-term Issuer Default Ratings (IDRs) at 'BB-' and revised the Outlooks to Negative from Stable. The Short-term IDRs have been affirmed at 'B' and Viability Ratings (VRs) at 'bb-'. A full list of rating actions is at the end of this rating action commentary.
The rating action was driven by Fitch's view of the increased risks faced by the Jordanian sovereign, stemming from the deteriorating regional political situation and its adverse impact on Jordan. The economic slowdown in Jordan is persisting and the country remains structurally vulnerable to external shocks, with public finances, external position and general economy all under pressure. (Press Release)