Ratings reflect Gulf Bank's sound market position
KUWAIT: S&P Global Ratings has affirmed Gulf Bank's Issuer Credit rating at A-/A-2 with a Stable outlook. According to the recently published S&P Global Ratings commentary, the ratings reflect Gulf Bank's sound market position as the fourth-largest commercial bank in Kuwait, and factors in the Bank's improving revenue mix and business stability. The stable outlook on Gulf Bank balances S&P's view that the Bank's business and financial profiles will remain resilient over the next 12-24 months. This is owing to the Bank's adequate capitalization and good asset quality.
Commenting on S&P's credit rating announcement, Dalal Al-Dousari, Gulf Bank's Head of Investor Relations said: "We are very pleased to receive the affirmation of our Bank's Issuer Credit Rating at "A-" with a "Stable" outlook by S&P Global Ratings. "This is an international acknowledgement of Gulf Bank's sustained improvement in asset quality and profitability, solid capitalization and sound market position," added Al-Dousari.
Gulf Bank continues to be well recognized in terms of its credit worthiness and financial strength internationally as it is rated "A" by all four leading credit rating agencies.
In addition to S&P's recent affirmation, Gulf Bank has a Long-term IDR of "A+" with a "Stable" Outlook by Fitch Ratings, a Long-Term Deposits Rating of "A3" with a "Positive" Outlook by Moody's Investor Services and a Long-term Foreign Currency Rating of "A+" with a "Stable" Outlook by Capital Intelligence Ratings.