United Gulf Bank – Ratings and Stable Outlook Affirmed
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Summary
Ref: B H 0 1 7 2 3 CRA00- 0 1 1 8 July 202 4
United Gulf Bank – Ratings and Stable Outlook 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 LT FCR is set one notch above the BSR to reflect the continued moderate likelihood of extraordinary support that UGB is expected to receive as and when full ownership is transferred to Burgan Bank (BB) – a key member of the Kuwait Projects Company Holding K.S.C. (KIPCO) Group…