Kuwait, November 20, 2006: The international rating agency Fitch Ratings has upgraded Gulf Bank's Issuer Default Rating (IDR) from 'A-' to 'A' with a stable outlook.

The rating action follows a review of potential government and shareholder support available to Gulf Bank, based on the importance of the Bank's role in the domestic Kuwait economy.

Gulf Bank's Chairman & Managing Director, Mr. Bassam Y. Alghanim, commented, "The Fitch upgrade reflects both the buoyancy of the Kuwait economy and is a strong endorsement of Gulf Bank's disciplined strategy for growth across all its groups: retail, corporate, international and investment banking.

"The rating also affirms Gulf Bank's status as a leading player in Kuwait's banking and financial services sector.

Gulf Bank, Kuwait's second largest commercial bank, is one of the highest rated banks in the region with an 'A' rating from Capital Intelligence, an 'Aa3' rating from Moody's Investors Service and an 'A-' rating from Standard & Poor's.