Gulf Bank – Issue r and Issue Ratings Affirmed with a Stable Outlook

Ref: KW0052 3 C RA02-0 5 6 June 202 4

Gulf Bank – Issue r and Issue Ratings Affirmed with a Stable Outlook

Rating Action

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed Gulf Bank’s (GB) Long-Term Foreign Currency Rating ( LT FCR ) and Short-Term Foreign Currency Rating ( ST FCR ) at ‘A+’ and ‘A1’, respectively . GB’s Bank Standalone Rating (BSR) of ‘a-’, Core Financial Strength ( CFS ) rating of ‘a-’ , and Extraordinary Support Level (ESL) of High have also been affirmed . The Outlook for the LT FCR and BSR remains Stable.

CI Ratings has also affirmed the issue rating on GB’s KWD50mn Basel III-compliant Tier 2 Subordinated bond at ‘BBB+’ with a S table O utlook. The local currency bond comprises a KWD25mn Floating Rate Tranche and a KWD25mn Fixed Rate Tranche.

Rating Drivers

The two-notch uplift of the Bank’s LT FCR above the BSR is based on…