Gulf Bank’s Ratings Affirmed with a Stable Outlook
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Ref: KW00520 C RA00- 0 1 16 June 20 2 1
Gulf Bank’s Ratings Affirmed with a Stable Outlook
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Gulf Bank (GB) at ‘A+’ and ‘A1’, respectively . At the same time, CI Ratings has affirmed GB ’s Bank Standalone Rating (BSR) of ‘a-’ and Core Financial Strength (CFS) rating of ‘a-’ . The Outlook for the LT FCR and BSR is Stable.
The Bank’s LT FCR is set two notches above the BSR to reflect the high likelihood of extraordinary support from the government (Kuwait sovereign ratings: ‘AA-’/‘A1+’/Negative) in case of need given GB’s systemic importance. The Extraordinary S upport L evel (ESL) also takes into account the Kuwaiti government’s strong track record of providing assistance to banks in the event of…