Mubasher: Fitch Ratings has affirmed the long-term Issuer default rating (IDR) for GFH Financial Group (GFH) at 'B’, with a stable outlook.
The short-term rating IDR for GFH has also been affirmed at 'B', according to a statement issued late Saturday.
"We’re pleased with Fitch’s affirmation of GFH’s rating and its recognition of the strength of our strategy and the positive financial performance and continued profitability that GFH has effectively delivered over the past two years as well as into 2018," CEO Hisham Alrayes said.
GFH last reported $37 million in profits in the first three months of 2018.
“GFH’s rating also underscores the group's sound capitalization relative to the rating level, supported by regulatory oversight of the Central Bank of Bahrain (CBB). Also noted as a positive factor by is the continued presence of Abu Dhabi Financial Group as a significant shareholder in the group,” Fitch's statement added.
GFH is listed on the Dubai Financial Market (DFM), Boursa Kuwait, and the Bahrain Bourse.
