Kuwait – Mubasher: Fitch Ratings upgraded GFH Financial Group’s long-term issuer default rating (IDR) from “B-” to “B”, with a “Positive” outlook, according to a statement.
The group’s short-term IDR has been affirmed at “B”.
The ratings reflect GFH’s improved financial position following the strengthening of its capital position and reducing associated uncertainties.
“The positive outlook reflects Fitch’s view of the measures GFH's management has taken to reshape its business model towards a greater focus on income-generating investments, which have and are expected to result in more consistent profitability,” according to the statement.
