Gulf Bank – Issuer and Issue Credit Ratings Affirmed with Stable Outlook

Gulf Bank – Issuer and Issue Credit Ratings Affirmed with Stable Outlook

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.

At the same time, CI Ratings has affirmed the issue rating on GB’s KWD50mn Basel III-compliant Tier 2 Subordinated bond at ‘BBB+’ with a Stable Outlook. The local currency bond comprises a KWD25mn Floating Rate Tranche and a KWD25mn Fixed Rate Tranche.

The two-notch uplift of the Bank’s LT FCR above the BSR is based on an ESL of High. The ESL takes into account GB’s systemic importance, the Kuwaiti…