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Fitch downgrades Arab Bank to BB
Fitch Ratings said it downgraded Arab Bank plc's long-term issuer default rating to BB from BB+ and revised the outlook to stable from negative.
“The downgrade of Arab Bank reflects its high lending growth in Jordan (23% in 2017, well above the sector average of about 8%), which Fitch views as a challenging environment,” the agency said in a news release.
“This increased exposure to the Jordanian economic environment adds to an already high exposure to the Jordanian sovereign relative to the bank's equity via holdings of government securities. This to some extent offsets the benefits of Arab Bank's geographical diversification.”
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