Fitch lowers Arab Bank to BB+

Fitch Ratings said it downgraded Arab Bank plc's long-term issuer default ratings to BB+ from BBB- and affirmed Jordan Islamic Bank's and Bank of Jordan's long-term issuer default ratings at BB-.

The outlooks are negative.

Fitch said the downgrade of Arab Bank reflects the increased debt of the Jordanian Sovereign, where it is domiciled and where a substantial portion of its local currency liquidity is placed.

The downgrade also reflects increased risks in MENA markets where Arab Bank holds large assets; specifically, Saudi Arabia, Tunisia, Bahrain and Lebanon have seen a downgrade from Fitch in the last 12 months, the agency added.

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