CI affirms stable outlook for Gulf Finance
Dubai, August 17, 2009
Gulf Finance Corporation, a wholly owned subsidiary of Shuaa Capital, announced that Capital Intelligence, the regional credit rating agency, has reaffirmed its long-term ‘BB’ rating with a stable outlook.
In its rating report, Capital Intelligence highlighted the low level of non-performing loans, adequately capitalised balance sheet and the management capability as the rational for the rating decision.
“The rating reiterates the solidity of Gulf Finance’s business model and its ability to withstand the effects of the current market conditions. Gulf Finance has a successful track record in facilitating straightforward access to capital for small and medium sized enterprises - a business segment which is vital for the continued economic prosperity of the UAE,” stated Majid Al Ghurair, chairman of Gulf Finance.
“Over time we aim to bring our model of transparency, simplicity and expert deal execution to other GCC markets,” added Steve Williams, chief executive officer of Gulf Finance.
Gulf Finance is a boutique finance company focused on serving the funding needs of the UAE small business market along with the requirements of niche consumer segments. The business was established in 1998 and was first rated by Capital Intelligence in 2008.-TradeArabia News Service