United Gulf Bank ’s Ratings Affirmed
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Summary
Ref: B H 0 1 7 19 CRA00- 0 1 30 July 2020
United Gulf Bank ’s 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 of Moderate is maintained .
T he Bank’s LT FCR is set one notch above the BSR to reflect the moderate likelihood of extraordinary support from ultimate shareholder , the Kuwait Projects Company Holding K.S.C. (KIPCO Group). The latter has demonstrated strong and consistent support in terms of funding and capital over the years. This…