BLOM Bank's ratings affirmed

Capital Intelligence (CI), the international credit rating agency, announced that it has affirmed BLOM Bank's Financial Strength Rating (FSR) at 'BBB-'. The Bank's Foreign Currency Long and Short-Term Ratings are maintained at 'B', constrained by the Sovereign Ratings of Lebanon. The Support Rating, affirmed at '3', reflects that in case it were necessary, official support from Banque du Liban (BDL) is highly likely given BLOM's systemic importance and BdL's record of assisting banks.

The Outlook on all Ratings remains 'Stable'.
The ratings are supported by BLOM's high market share in Lebanon, its strong liquidity and peer group best cost efficiency and profitability. The ratings are constrained by the expectation that non-performing loans will continue to rise due to lower economic growth in Lebanon and challenging operating conditions in Syria and Egypt. BLOM's capital adequacy, although satisfactory, is now lower than desirable considering the need for greater buffers against heightened risks and contingencies.