PRESSR: Capital Intelligence affirms Gulf Bank’s long-term foreign currency rating at “A+” and bond rating at “BBB+”

Kuwait: Capital Intelligence Ratings (“CI Ratings”) has affirmed the Long-term Foreign Currency and the Short-term Foreign Currency of Gulf Bank ratings at “A+” and “A1”, respectively. At the same time, CI Ratings has also affirmed the Bank’s Standalone Rating of “a-“, with a “Stable” Outlook.

On the other hand, CI Ratings has also affirmed the rating of Gulf Bank’s KWD50 million Basel III-compliant Tier 2 Subordinated Bonds at “BBB+”. The Outlook for the Bond is “Stable”.

According the the recently publish CI Ratings report, Gulf Bank’s Stand Alone and Core Financial Strength are both supported by the Bank’s well established business franchise, especially in retail banking, good and resilient loan asset quality metrics, solid and improved capital position and good liquidity metrics. The Core Financial Strength also reflects the Bank’s size as the fifth largest bank in Kuwait in terms of total assets, with one of the largest distribution networks in the country and a sound market share of both loans and deposits, as mentioned by CI Rating announcement.

On Gulf Bank’s asset quality, CI Ratings stated in their report that : “We consider Gulf Bank to be a well-managed institution and conservative lender. Loan asset quality metrics have remained good and resilient, underpinned by a fairly well diversified loan book by customer segment and economic sector”

Commenting on Capital Intelligence Ratings Bank and Bond credit rating announcement, Ms. Dalal Al-Dousari, Gulf Bank’s Deputy General Manager of Investor Relations said: “We are very pleased to receive the affirmation of our Bank’s Long-term Foreign Currency rating at “A+” and our KDW50 million Tier II Subordinated Bond rating at “BBB+” by Capital Intelligence Ratings. This is an international acknowledgement of Gulf Bank’s positive market position and highly experienced management team that contibuted to its well- established business franchise and sound market share, solid and improved capital position and good liquidity metrics.”

Gulf Bank continues to be well recognized in terms of its credit worthiness and financial strength internationally as it is rated ‘A’ by three major credit rating agencies.

In addition to Capital Intelligence recent affirmation of its Long-Term Foreign Currency Rating at 'A+' with a Stable Outlook, Gulf Bank has a Long-Term Issuer Default Rating of ‘A’ with a ‘Stable’ Outlook by Fitch Ratings and a Long-Term Deposits rating of ‘A3’ with a ‘Positive’ Outlook by Moody’s Investor Services.

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