Gulf International Bank − Outlook on LT FCR Revised to Stable Following Similar KSA Sovereign Action

Ref: BH 0 1122 PBK00-01 12 January 202 2

Gulf International Bank − Outlook on LT FCR Revised to Stable Following Similar KSA Sovereign Action

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook on Gulf International Bank ’s (GIB) B.S.C. Long-Term Foreign Currency Rating (LT FCR) of ‘A+’ to Stable from Negative . Th is action follow s the revision of the Outlook on Saudi Arabia’s sovereign LT FCR of ‘A+’ to Stable , from Negative , to reflect improved prospects for the country’s public finances as a result of the strong rebound in global oil prices over the past year and the implementation of fiscal consolidation measures . It is also driven by CI’s expectation that oil production volumes will expand significantly in the current year. The government budget balance is forecast to improve markedly on the back of rising hydrocarbon and…