Mubasher: Fitch Ratings has affirmed Long- and Short-Term Issuer Default Ratings (IDR) of Bahrain- and Kuwait-listed company GFH Financial Group at 'B', with a stable outlook.
The ratings of the Emirati company reflect its ongoing asset concentration in illiquid investments including substantial exposure to development properties, Fitch added, according to a statement.
The rating agency based its decision on the aim of GFH’s current management to restructure the group’s business model.
GFH Financial Group reported a 43.9% year-on-year drop in consolidated net profit for the first quarter of 2019, recording $20.7 million.
