Mubasher: Fitch Ratings has affirmed the Gulf Bank of Kuwait’s (GBK) long-term credit rating at “A+”, with a “Stable” outlook.
The international rating agency has upgraded the bank’s Viability Rating (VR) to “bb+” from “bb”, according to a bourse statement issued on Tuesday.
The VR upgrade reflects GBK’s strong strategy execution as well as underwriting standards and asset-quality’ improvement.
“Gulf Bank continues to benefit from a fairly stable operating environment in Kuwait despite the economic impact of low oil prices,” GBK said, according to Fitch Ratings’ report.
In June 2017, S&P Global Ratings revised their outlook on GBK to “Positive” from “Stable”, affirming the issuer credit rating at “A-”.
Similarly, Moody’s Investors Service affirmed the bank’s “A3” long-term deposits rating and “Stable” outlook in May 2017; also, Capital Intelligence (CI) also affirmed GBK’s Financial Strength Rating at “BBB+” and the subordinated bond rating at “BBB” both with “Stable” outlooks in May 2017.
At the opening of Tuesday’s session, GBK reached 254 fils.
