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S&P initiates GFH coverage with 'B' long-term issuer rating; outlook stable

S&P initiates GFH coverage with 'B' long-term issuer rating; outlook stable
The rating reflects the group’s efforts in becoming fully diversified
GFH
GFH
-2.68% 1.09 -0.03

Dubai - Mubasher: Standard and Poor's (S&P) Financial Services has assigned GFH Financial Group with a ‘B’ long-term issuer credit rating, with a ‘Stable’ outlook.

The rating reflects the group’s successful efforts in becoming fully diversified through reshaping its business model, the company said in a statement.  

Moreover, the rating agency has observed achievements in four distinct business segments of the group, including investment banking; commercial banking, through its subsidiary Khaleeji Commercial Bank (KHCB); real estate development, as well as treasury and proprietary investments.

Noteworthy to mention, the report underlined GFH’s financial position, in terms of capital and earnings, as “adequate”. It further revealed that the group is likely to see higher income; with the risk position seen as “moderate”.

GFH is listed on the Dubai Finacial Market (DFM), Boursa Kuwait, and Bahrain Bourse (BHB).