Fitch affirms stable rating for GIB
Manama, October 4, 2008
Fitch Ratings has affirmed the Bahrain-based Gulf International Bank's (GIB) ratings at Long-term Issuer Default (IDR) 'A' with a Stable Outlook, Short-term IDR 'F1', Individual 'C/D', Support '1' and Support Rating Floor 'A'.
GIB's dated subordinated debt obligations are affirmed at 'A-', said a report in our sister publication, the Gulf Daily News.
GIB's IDRs and Support rating reflect Fitch's view that there is an extremely high probability that the bank would receive support from its shareholders, in case of need.
This was demonstrated by a timely $1 billion capital injection announced in December last year. The capital injection was necessary to maintain GIB's capitalisation at adequate levels following large impairment charges incurred last year for SIVs and CDOs. - TradeArabia News Service
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