Amman-Mubasher: Fitch Ratings affirmed the long-term Issuer Default Rating (IDR) of Jordan Islamic Bank (JIB) and Bank of Jordan (BOJ) at 'BB-'. It also revised the outlook of both banks to stable from negative.

The upgrade indicates a difficult operating environment which is gradually improving in Jordan in the light of following the sustained implementation of an IMF programme, which includes increasing reserves and keeping a low budget deficit.

The ratings reflect asset quality risks, well-established domestic franchises, solid funding bases, adequate capitalization and sound liquidity.