Dubai - Mubasher: Capital Intelligence (CI) has assigned GFH Financial Group 'BB-' long-term foreign currency rating with a negative outlook and affirmed the short-term foreign currency rating at 'B'.

The rating corporate referred that the rating comes in line with the sovereign ratings which were revised amid the consequences of the drop in oil prices and the coronavirus (COVID-19) pandemic, according to GFH's disclosure to Dubai Financial Market (DFM) on Tuesday.

On the other hand, the CI referred to the group's continuous progress in diversifying its business lines, strong liquidity, and expanding treasury and money market activities.

The rating does not have an impact on the group's financial position.

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