Gulf Bank – Issuer and Issue Ratings Affirmed with a Stable Outlook

Overview

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Gulf Bank (GB or the Bank) at 'A+' and 'A1', respectively. At the same time, CI Ratings has affirmed GB's Bank Standalone Rating (BSR) of 'a-', Core Financial Strength (CFS) rating of 'a-' and Extraordinary Support Level (ESL) of High. The Outlook on the LT FCR and BSR remains Stable.

CI has also affirmed the issue rating on GB's KWD50mn Basel III-compliant Tier 2 Subordinated bond at 'BBB+' with a Stable Outlook. The local currency bond comprises a KWD25mn Floating Rate Tranche and a KWD25mn Fixed Rate Tranche.

Attachments

• CI Ratings Announcement (CRA)
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• Bank Rating Report (Kuwait, Gulf Bank KSCP)
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