Sep 25 2011 |
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Capital Intelligence affirms GIB's "A" Credit Ratings
Stable Outlook Assigned to the Bank's Ratings
The international credit rating agency Capital Intelligence has affirmed Gulf International Bank 's ( GIB ) long-term and short-term Foreign Currency Ratings at "A" and "A1" respectively. The Bank's Financial Strength Rating is also maintained at "BBB+." All ratings have been assigned a Stable outlook.
The short-term rating of "A1" is the highest rating granted by Capital Intelligence. The "A1" short-term rating is defined by the agency as reflecting superior credit quality and the highest capacity for timely repayment of short-term financial obligations that is extremely unlikely to be affected by unexpected adversities.
The rating agency said in a public statement that " GIB 's ownership remains a key positive rating driver testifying to an exceptionally strong and supportive shareholder through the Saudi government-owned Public Investment Fund. This support is very likely assured over the foreseeable future and accordingly the Support level of 1 is affirmed."
Dr. Yahya A. Alyahya, GIB 's Chief Executive Officer, commented: "The affirmation of the Bank's ratings by Capital Intelligence, and by all the other international credit rating agencies during the past few months, is a very significant achievement, as it comes at a time when many regional and international banks, and sovereigns have been downgraded."
GIB is a leading bank in the Middle East with its principal focus on the GCC states. Its primary shareholder is the Public Investment Fund of Saudi Arabia. The Bank provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, asset management, project and structured finance and Islamic banking.
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For further information, please contact Mr. Abdulla Naneesh, Corporate Communications, Kingdom of Bahrain. Tel +973 17 522680 Fax +973 17 522656.
© Press Release 2011
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