Dubai – Mubasher: Fitch Ratings has affirmed GFH Financial Group’s short-term Issuer Default Rating (IDR) at 'B'.
The rating agency revised GFH’s outlook upward from stable to ‘Positive’ with a Long-term IDR at 'B-‘, according to a recent bourse statement.
Fitch clarified that the ratings reflect the management steps taken to strengthen GFH’s balance sheet by paying down debts, reshaping the business model with focus on income-generating investments, and consequent improvement of profitability.
“Fitch also considers Abu Dhabi Financial Group’s acquisition of around 12% in GFH via its subsidiary, Integrated Capital PJSC as a positive step for GFH,” according to the statement.
