United Gulf Bank – Ratings Affirmed

Ref: B H 0 1 7 2 2 CRA00- 0 1 19 July 202 3

United Gulf Bank – Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the L ong- Term F oreign C urrency R ating (LT FCR) and S hort- T erm F oreign C urrency R ating (ST FCR) of United Gulf Bank (UGB) at ‘BBB’ and ‘A3’, respectively. The LT FCR Outlook remains Stable. At the same time, CI Ratings has affirmed UGB’s B ank S tandalone R ating ( BSR ) of ‘bbb-’ with a Stable Outlook. The Extraordinary S upport L evel (ESL) of Moderate is maintained.

The Bank’s LT FCR is set one notch above the BSR to reflect the moderate likelihood of extraordinary support from the Kuwait Projects Company Holding K.S.C. (KIPCO) group. The latter has consistently provided liquidity and capital support to UGB over the years and we expect this to remain the case…