S&P: Arab Bank, Jordan Islamic Bank to negative

Standard & Poor's said it revised its outlook to negative from stable on the following Jordan-based banks: Arab Bank plc and its branches Arab Bank plc (Bahrain), Arab Bank plc (Dubai), Arab Bank plc (Qatar), and Arab Bank plc (Singapore); and Jordan Islamic Bank.

At the same time, the agency affirmed its long- and short-term counterparty credit ratings on these banks at BB-/B.

S&P also affirmed its BB+/B long- and short-term counterparty credit ratings on Arab Bank's rated foreign subsidiaries, Europe Arab Bank plc and Arab Bank Australia Ltd. The outlook on these entities remains stable.

S&P said the action follows its recent outlook revision on Jordan to negative from stable. As per its methodology, the agency caps its ratings on Arab Bank and its foreign branches, and Jordan Islamic Bank at the level of the sovereign ratings on Jordan, the banks' country of domicile.

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