Kuwait, 02 May 2021: Fitch Ratings has affirmed Gulf Bank’s Long-Term Issuer Default Rating at 'A+' with a Negative Outlook. Fitch has also affirmed the Bank's Viability Rating at 'bb+'.

 

According to the recently published Fitch Ratings commentary, Fitch stated that: “Gulf Bank has a good franchise in Kuwait, supported by its large network of branches and strong brand. The Bank has a competent management team, which is highly experienced in local and regional banking, with a good record of strategy implementation. The Bank's strategy is consistent, based on cautious domestic organic growth in retail and corporate lending, complemented by digital transformation.”

 

The Negative Outlook on Gulf Bank’s Long-Term Issuer Default Rating reflects that on the Kuwaiti sovereign rating.

 

Commenting on Fitch’s credit rating announcement, Ms. Dalal Al-Dousari, Gulf Bank’s Head of Investor Relations, said: “We are very pleased to receive the affirmation of our Bank’s Long-term Issuer Default Rating at “A+” by Fitch Ratings. This is an international acknowledgement of Gulf Bank’s franchise, improved capitalization and leverage metric, experienced management, and enhanced asset quality.”

 

Gulf Bank continues to be well recognized in terms of its creditworthiness and financial strength internationally as it is rated “A” by all four leading credit rating agencies. In addition to Fitch Ratings’ recent affirmation, Gulf Bank has a Long-term Foreign Currency Rating of “A+” with a “Stable” Outlook by Capital Intelligence Ratings, an Issuer Credit Rating of “A-” with a “Negative” Outlook by S&P Global Ratings, and a Long-Term Deposits rating of “A3” with a “Stable” Outlook by Moody’s Investor Services.