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March 3, 2008

Gulf International Bank highly rated

by Richard Kilner

Story link: Gulf International Bank highly rated

Gulf International Bank’s short- and longterm ratings have been graded at F1 and A, respectively, by Fitch Ratings.

The ratings firm also consider the bank’s future to be stable, and rated the Bahrain-based bank’s subordinated debt obligations at A-.

The ratings will be seen as a show of confidence in the bank, after posting losses of $757.3m just a month ago.

Fitch went on to say that the firm has adequate capitalisation, and the strong support of its shareholders.

Moody’s Investor Services has rated the GIB’s short- and longterm prospects at Prime-1 and A2, respectively.

Moody’s consider the firm’s subordinated debt rating to be A3, with a negative outlook.

Dr Khaled Al Fayez , GIB’s chief executive officer, has expressed his pleasure at the strong credit ratings from the two firms.

 

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