Fitch Drops Blom Bank’s Support Rating At ‘5’

Fitch Ratings has affirmed and simultaneously withdrawn Blom Bank’s Support Rating at ‘5’.

The affirmation reflects Fitch’s assessment of the likelihood of the bank receiving support from the Lebanese state, should this become necessary. While Fitch believes that the Lebanese authorities’ propensity to support Blom may be high (in view of the bank’s systemic importance), such support cannot be relied upon given Lebanon’s low sovereign rating (‘B’/Stable).

Fitch has withdrawn the Support Rating, as it is no longer considered by Fitch to be relevant to the agency’s coverage.