Mubasher: Capital Intelligence (CI) has affirmed the financial strength rating (FSR) of Gulf Bank of Kuwait (GBK), according to a bourse statement on Thursday.
The ratings agency has upgraded the bank’s outlook to “Positive” from “Stable” to all classifications, with expectations for further improvement in several financial indices.
The rating was backed by GBK’s solid assets baseline, strong coverage for losses of loan reserves, as well as an improvement in operating profitability, GBK added in the statement.
CI’s rating reflects GBK’s good position as it is considered the second largest traditional commercial bank with a wide range of local branches in Kuwait.
Capital Intelligence has affirmed the long- and short-term foreign currency ratings at “A” and “A2”, respectively.
