Capital Intelligence upgrades GBK’s rating; Outlook “Stable”

Capital Intelligence upgrades GBK’s rating; Outlook “Stable”
The rating agency has affirmed the bank’s “Stable” Outlook
GBK
GBK
1.59% 255.00 4.00

Mubasher: Capital Intelligence has upgraded Gulf Bank of Kuwait’s (GBK) Financial Strength Rating (FSR) to “A-” from “BBB+”, according to a recent bourse statement.

GBK noted that the rating agency has affirmed the bank’s “Stable” Outlook.

Capital Intelligence has upgraded GBK’s long-term foreign currency rating to “A+” from “A”, while the short-term foreign currency rating was upgraded to “A1” from “A2”.

Solid assets from loans reflected GBK’s good FSR, in addition to good capital adequacy ratio (CAR), the statement added.

At the stock level, GBK closed Monday’s session 0.40% higher at 251 fils.