Fitch Ratings on Dec. 17 assigned Trade Bank of Iraq a viability rating of "b-" and long- and short-term issuer default ratings of B-/B.
The outlook on the long-term rating is stable.
The bank's viability rating reflect the volatile and challenging operating environment in Iraq, where Trade Bank of Iraq generates 85% of its business volume. The issuer default ratings, meanwhile, are driven by its constrained viability rating and are supported by Fitch's view of potential sovereign support for the lender in case of need.
The agency also assigned the bank a support rating of 5 and support rating floor of B-, reflecting its view that government support, while possible, cannot be relied upon given Iraq's own creditworthiness and the uncertain political environment in the country.