Capital Intelligence (CI): EDBI's Ratings Capture Its Very Strong Capital Adequacy

Capital Intelligence (CI), the international credit rating agency, announced that EDBI's ratings capture its very strong capital adequacy...

Capital Intelligence (CI), the international credit rating agency, announced that EDBI's ratings capture its very strong capital adequacy, and it has assigned Export Development Bank of Iran (EDBI) long-term and short-term foreign currency ratings of BB- and B, respectively, a Financial Strength rating of BB+ and a support rating of 3.
The outlook for the ratings is Stable. Following an important increase in capital of IRR13.3 trillion in FY2008, EDBI ranks second among Iranian banks with a capital/total assets ratio in excess of 50%.
As reported by EDBI's Public Relations, the results of CI's ratings brought another honor for Islamic Republic of Iran and EDBI which indicates this bank's increasing success.
Capital Intelligence which is a 25 year-old Rating Agency headquartered in Cypress, assigns first time ratings to Export Development Bank of Iran. CI's main activities are in Middle East, Mediterranea, Asia, Oceanic, East and Central Europe.
As a wholesale bank with 33 branches, EDBI was established by Act of Parliament in 1991 in order to promote non-oil exports and develop business exchanges with Iran's international trading partners. As per its constitution, the object of the Bank is to provide trade finance including pre-shipment and post-shipment buyer credit export financing. The Bank is also the agent in Iran of Islamic Development Bank.