Dubai – Mubasher: Capital Intelligence Ratings has upgraded the long-term and short-term corporate ratings of GFH Financial Group at 'BB-' and 'B', respectively, with a stable outlook.
The updated ratings reflect the group’s sound liquidity, sizeable liquid sovereign Sukuk portfolio, increasingly diversified sources of funding, and increased share of non-Bahrain assets, according to a recent press release.
In addition, the ratings are driven by the group's extended debt maturity profile following a $500 million five-year Sukuk issuance in 2020, low refinancing risk, and satisfactory debt service capacity.
Meanwhile, GFH was able to achieve its ongoing strategy to transform the group from a purely Islamic wholesale bank into a fully integrated Sharia’a compliant financial group.
It is noteworthy to mention that during the first half (H1) of 2021, the net profits attributable to the shareholders of GFH hiked by 146.1% to $37.04 million, compared to $15.05 million in the year-ago period.