Rating agency Capital Intelligence (CI) has raised the long term foreign currency and financial strength ratings for Kuwait's Gulf Bank to A. Other ratings remain unchanged, reported a press release.
Gulf Bank has a Support rating of 3 and a Stable outlook. The bank has now completed the first phase of a multi-year transformation plan. Under this plan there have been widespread changes in personnel, systems, controls and business focus. The result has been a marked improvement in performance that has proved sustainable over time. The bank is now well placed to reap the benefits in a more expansionary second phase of the plan.
According to CI, Gulf bank has a strong balance sheet, excellent credit quality and a revenue base with little dependence on securities income. Management is capable and stable; both board and senior management have largely remained unchanged since late 1999. Prospects for 2004 are also very good given the bank’s strong retail banking base and the buoyant economic conditions in Kuwait. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
