Kuwait – Mubasher: Fitch Ratings affirmed the long-term issuer default rating (IDR) of Gulf Bank of Kuwait (GBK) at “A+”, with a “Stable” outlook.
The bank’s short-term IDR was affirmed at “F1” and viability rating (VR) at “bb”, according to a recent report published on Tuesday.
GBK is making “good progress” in cutting historical impaired loans but the rating agency’s assessment of asset quality also considers high borrower and sector concentrations.
The bank’s VR shows “an evolving company profile following restructuring, a conservative strategy and a low risk appetite”, the report highlighted.
GBK stock rose 0.88% to 230 Kuwaiti fils by 10:00am Kuwait time after generating KWD 17,800 from the exchange of 777,500 shares.
