GIB ratings lowered, outlook stable
Manama, June 15, 2010
Capital Intelligence (CI), the international credit rating agency, has lowered Gulf International Bank's (GIB) foreign currency long-term rating to A and its financial strength rating to BBB+.
This is in view of the challenges associated with restoring net profitability to a solid footing following sustained net losses and the increase in impaired credits last year.
CI also affirmed the bank's foreign currency short-term rating of A1 and support level 1.
GIB's foreign currency and support ratings testify to the bank's exceptionally strong and supportive shareholder through Saudi Arabia's government-owned Public Investment Fund.
This support is very likely assured over the foreseeable future. The outlook for the ratings is stable.-TradeArabia News Service