Capital Intelligence upgrades Gulf Bank’s outlook to ‘Positive’
KUWAIT: Capital Intelligence Ratings, the international credit rating agency, announced yesterday that it has assigned a “Positive” outlook to Gulf Bank and affirmed its Financial Strength Rating of ‘BBB+’. “The rating remains underpinned by Gulf Bank’s good loan asset quality, solid capital ratios, sound liquidity and improving operating profitability”, Said Capital Intelligence. The rating also reflects, according to Capital Intelligence “Gulf Bank’s position as the second largest conventional commercial bank with a well-established domestic franchise”. Gulf Bank’s Long- and Short-Term Foreign Currency Ratings are affirmed at ‘A’ and ‘A2’, respectively. Capital Intelligence has assigned a ‘Positive’ Outlook for all ratings in expectation of a further improvement in a number of the Gulf Bank’s financial metrics.
Commenting on the Capital Intelligence credit rating announcement, Dalal Al-Dousari, Gulf Bank’s Assistant General Manager of Investor Relations said:” We are proud to announce the second “Positive” outlook upgrade of Gulf Bank this year. In Addition to this Positive outlook upgrade from Capital Intelligence, S&P Ratings has upgraded Gulf Bank’s outlook to “Positive” and affirmed its issuer credit rating at “A-”on June 2017. “Gulf Bank continues to be well recognized in terms of its credit worthiness and financial strength internationally,” said Al-Dousari. Earlier this year, Fitch Ratings has upgraded Gulf Bank’s viability rating from “bb” to “bb+” and affirmed the bank’s Long-Term Issuer Default Rating at ‘A+’ with a “Stable” Outlook. Similarly, Moody’s Investors Service Affirmed the bank’s “A3” long-term deposits rating and “Stable” outlook on October 18, 2017.