CI affirms GFH's foreign currency ratings; outlook stable

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The Capital Intelligence Ratings (CI) has reaffirmed the long- and short-term foreign currency rating of GFH Financial Group as ‘BB’ and ‘B’, respectively, according to a press release.

The CI indicated that the ratings remain backed by GFH’s adequate liquidity and low refinancing risk, as well as reasonable geographical diversification of assets and business lines.

GFH’s satisfactory debt service capacity, extended debt maturity profile, and adequate capitalisation also support the ratings. This was also driven by the issuance of five-year-tenor Sukuk at a value of $500 million, which was first confirmed in 2020.

Damian White, Group Chief of Financial Institutions and Proprietary Investments, commented: “Their assessment highlights the progress we continue to make in diversifying and transforming the group.”

“It also underscores the sound operational and financial position we have built as well as broader market confidence in GFH, our strategy, and performance both now and for the future,” White added.

The group’s unit GFH Partners Limited recently acquired a $150 million diversified logistics and industrial portfolio in Saudi Arabia and the UAE.

In the first half (H1) of 2023, GFH recorded year-on-year (YoY) 29.50% higher net profits attributable to the owners at $54.61 million, compared to $42.18 million.