Gulf Bank’s Ratings Affirmed with a Stable Outlook
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Ref: KW00521 C RA00- 0 1 8 June 2022
Gulf Bank’s Ratings Affirmed with a 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) of 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 extraordinary support level (ESL) . The ESL takes into account the Bank’s systemic importance , the Kuwaiti government’s strong track record of providing assistance to banks in the event of need, the existence of a state guarantee on all deposits placed inside Kuwait, and the strong financial capacity of the government…