Capital Intelligence Affirms Gulf Bank’s Long-Term Forign Currency Rating at A+ with a Stable outlook
Kuwait, 20 June 2021: Capital Intelligence Ratings (“CI Ratings”), the international credit rating agency, has affirmed the Long-term Foreign Currency and the Short-term Foreign Currency of Gulf Bank ratings at “A+” and “A1”, respectively with a “Stable” Outlook.
According to CI Ratings, the affirmation is supported by Gulf Bank’s well established business franchise, especially in retail banking, good loan asset quality, solid capital position, comfortable liquidity metrics and sound operating profitability. The Core Financial Strength reflects Gulf Bank’s size as the fifth largest bank in Kuwait with a large distribution network and a sound market share of both loans and deposits.
Commenting on the Capital Intelligence 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 Foreign Currency rating at “A+” with “Stable” outlook. “This is an important acknowledgement of the Bank’s sustained improvement in asset quality, solid capital and sound operating profitability.” Added Al-Dousari.
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 Capital Intelligence Ratings recent affirmation, Gulf Bank has a Long-term Issuer Default Rating of “A+” with a “Negative” Outlook by Fitch 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.