Moody’s maintains GIC’s A2 ratings and stable outlook
KUWAIT: The Gulf Investment Corporation (GIC) announced yesterday that Moody’s Investor Service, in their recently published Credit Analysis report, have maintained its Long Term rating at A2 and Short Term rating at P-1. The Stable outlook was maintained as well.
Earlier this year, in June 2016, Fitch Ratings reaffirmed GIC’s Long Term rating, Short Term rating and Stable outlook. These affirmations, from leading international rating agencies, reflect GIC’s strong ownership structure and sound business model.
It is also indicative of the corporation’s strong funding profile, good asset quality, robust internal control framework, in a challenging future business environment. It is especially commendable that the rating confirmations come despite a period of increased turmoil within the regional and international operating environments.
Commenting on the ratings, Ibrahim AlQadhi, CEO, said “The fact GIC has maintained its strong ratings and stable outlook despite challenging geopolitical and economic environment surrounding the region, is testimony to the success we have achieved in establishing and maintaining strong financial fundamentals, and GIC’s proactive and conservative strategies have proved beneficial in facing an extremely challenging business environment”. The CEO, while seeing a bright future for GIC, has expressed his utmost confidence that the GIC is well positioned to take advantage of emerging investment opportunities”.
Established in 1983, GIC is a regional financial institution owned entirely and equally by the six GCC states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. It is headquartered in the State of Kuwait.