S&P lifts outlook on eight Jordan banks to stable

Standard & Poor’s said it revised to stable from negative the outlook on Arab Bank plc and Jordan Islamic Bank.

The agency also said it affirmed the BB- long-term and B short-term counterparty ratings on both banks.

S&P also said it revised the outlook to stable from negative on Arab Bank’s two subsidiaries, Europe Arab Bank plc and Arab Bank Australia Ltd., and affirmed their BB+ and B counterparty credit ratings.

The agency also said it revised the outlook to stable from negative on Arab Bank’s foreign branches, Arab Bank plc (Bahrain), Arab Bank plc (Singapore), Arab Bank plc (Dubai) and Arab Bank plc (Qatar) and affirmed the BB- and B ratings on each bank.

S&P said it expects a gradual improvement over the medium term in some of the key macroeconomic indicators in Jordan, such as the fiscal and external balances of the Jordanian sovereign.

An improvement in key macroeconomic indicators also should support the overall operating environment for Jordanian banks, the agency said.

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