Fitch assigns A- Rating to Gulf Bank's Floating-Rate Eurobond
Fitch Ratings has assigned Kuwait-based Gulf Bank's five-year $200 million floating-rate Eurobond an A- Senior Unsecured Rating.
The rating reflects the bank's sound profitability, good asset quality, adequate risk weighted capital ratios, as well as its stable retail deposit base, says the ratings agency. It also takes into account the bank's reliance on a small, competitive and potentially volatile operating environment.
Gulf Bank is Kuwait's second largest bank with 29 branches and a sizeable share of banking assets. Its core businesses are domestic retail and commercial banking and trade, oil and project-related international lending. — (menareport.com)
© 2003 Mena Report (www.menareport.com)