Fitch affirms Gulf Bank rating at ‘A+’ with ‘stable’ outlook
KUWAIT: Fitch Ratings has affirmed Gulf Bank’s Long-Term Issuer Default Rating at ‘A+’ with a ‘Stable’ Outlook. Fitch has also affirmed the Bank’s Viability Rating at ‘bb+’. According to the recently published Fitch Ratings commentary, Gulf Bank enjoys an adequate franchise, well managed liquidity, good delivery on strategic objectives, adequate asset quality and adequate capitalization, as well as a fairly stable operating environment in Kuwait. Fitch Ratings referred to Gulf Bank’s competent management team, which is highly experienced in local and regional banking, with an improving record of strategy implementation in Kuwait.
Commenting on Fitch’s credit rating announcement, Dalal Al-Dousari, Gulf Bank’s Head of Investor Relations said: “We are very pleased to conclude the annual credit rating reviews for the year 2018 with the Fitch Ratings affirmation of Gulf Bank’s rating at ‘A+’ and a ‘Stable’ outlook.” “This is an international acknowledgement of the Bank’s sustained improvement in asset quality and profitability, solid capital and sound liquidity position,” added Al-Dousari.
Gulf Bank continues to be well recognized internationally with ‘A’ ratings by all four leading credit rating agencies in terms of its credit worthiness and financial strength. In addition to Fitch Rating recent affirmation, Moody’s Investor Services has revised their outlook on the Bank to “Positive” from “Stable” and affirmed its issuer credit rating at “A3”in May 2018. Similarly, S&P Global Ratings has affirmed Gulf Bank’s credit rating at “A-”with a “Stable” Outlook in June 2018. Capital Intelligence on the other hand recently upgraded the Bank’s rating to “A-” from “BBB+” with a “Stable” outlook.