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GFH to maintain diversifying business on CI Rating’s affirmation

GFH to maintain diversifying business on CI Rating’s affirmation
CI Ratings has maintained GFH’s outlook at stable
GFH
GFH
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Mubasher: GFH Financial Group, listed on the Dubai Financial Market (DFM), Boursa Kuwait, and Bahrain Boursa, said its management would carry on the diversification process of its business and would maintain securing healthy income generation to benefit its shareholders and investors.

This comes after Capital Intelligence Ratings (CI Ratings) affirmed the group’s long-term foreign currency rating (LTFCR) and short-term foreign currency rating (ST FCR) at ‘BB’ and ‘B’, respectively, GFH said in a bourse filing.

The group’s management aims to continue building on this momentum and to report stronger results and performance in 2019 and beyond, GFH added.

GFH’s management said: “CI Rating’s affirmation of GFH’s ratings reflects the continued recognition of the strong and steady progress GFH is delivering across its businesses.”

The ratings were affirmed on the back of the solid liquidity reported by GFH and the group’s funding profile that improved under its strategy to diversify its business and income-generating investments and activities, GFH highlighted.

On 26 September, CI Ratings revealed it had maintained GFH’s LTFCR and ST FCR at 'BB' and 'B', respectively, with a stable outlook.