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Kuwait: Standard and Poor’s (S&P) Global Ratings has affirmed Gulf Bank’s Credit rating at A-/A-2 long and short-term counterparty credit ratings with a Stable outlook in its recent research update issued 21 June 2018.
S&P believes that Gulf Bank will deliver above market growth in Kuwait over the next two years, while maintaining a relatively high dividend payout ratio.
“Our ratings continue to reflect Gulf Bank's sound market position as the fourth largest commercial bank in Kuwait. Gulf Bank's market share in loans and deposits has been improving, and we believe the bank will continue to grow faster than the market” said S&P in their report. Commenting on the stable outlook, S&P stated that:” The stable outlook on Gulf Bank reflects our view that the bank's business and financial profiles will remain resilient over the next 24 months. This is owing to the bank's adequate capitalization and good asset quality.”
Commenting on S&P’s credit rating announcement, Ms. Dalal Al-Dousari, Gulf Bank’s Head of Investor Relations said: “We are pleased with the recently issued credit opinion by S&P Global Rating. The Affirmation of Gulf Bank’s long-term counterparty credit rating at “A-“ is an international acknowledgement of the Bank’s sustained improvement in loan asset quality and profitability, solid capital and sound liquidity position.” “With this recently issued credit opinion, Gulf Bank continues to be rated “A” by all four leading credit rating agencies”. Added Al-Dousari.
Gulf Bank continues to be well recognized internationally in terms of its credit worthiness and financial strength. In addition to S&P Global Rating recent affirmation, Moody’s Investor Services has revised their outlook on the Bank to “Positive” from “Stable” and affirmed its issuer credit rating at “A3“ in May 2018. Similarly, Fitch Ratings has upgraded Gulf Bank’s viability rating from “bb” to “bb+” and affirmed the bank’s Long-Term Issuer Default Rating at 'A+' with a “Stable” Outlook. Capital Intelligence on the other hand recently upgraded the Bank’s rating to “A-” from “BBB+” with a “Stable” outlook.
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