• Affirmed the Bank’s Long-Term Issuer Default Rating at 'A'
• Reflecting the Bank's improved risk profile and resilient asset quality.
• Dalal Al-Dosari: International acknowledgement of Gulf Bank’s positive market position and highly experienced management
• Our strategy is based on domestic organic growth, rapid developments in retail, selective corporate lending, and digital transformation

Kuwait, 29 March 2022: Fitch Ratings has upgraded Gulf Bank’s Viability Rating to 'bbb-' from 'bb+' and affirmed the Bank’s Long-Term Issuer Default Rating at 'A' with a Stable Outlook.

Fitch stated: “The upgrade of Gulf Bank’s Viability Rating (VR) reflects the Bank's improved risk profile and resilient asset quality. The VR reflects Gulf Bank’s good domestic franchise, cautious risk approach, resilient asset quality, recovering profitability, and stable funding, despite high deposit concentration.”

The Stable Outlook on Gulf Bank’s Long-Term Issuer Default Rating reflects the Kuwaiti sovereign rating.

Commenting on Fitch’s credit rating announcement, Ms. Dalal Al-Dousari, Gulf Bank’s Head of Investor Relations, said: “We are very pleased to receive an upgrade on Gulf Bank’s Viability Rating, and to note the affirmation of the Bank’s Long-term Issuer Default Rating at ‘A’ with a ‘Stable’ outlook by Fitch Ratings. This is an international acknowledgement of Gulf Bank’s positive market position and highly experienced management that supported the Bank’s strategy, a strategy based on domestic organic growth, rapid developments in retail, selective corporate lending, and digital transformation.”

Gulf Bank continues to be well recognized in terms of its creditworthiness and financial strength internationally as it is rated ‘A’ by three major credit rating agencies.

In addition to Fitch Ratings’ recent Viability Rating upgrade and affirmation of its Long-Term Issuer Default Rating at 'A' with a Stable Outlook, Gulf Bank has a Long-term Foreign Currency Rating of ‘A+’ with a ‘Stable’ Outlook by Capital Intelligence Ratings, and a Long-Term Deposits rating of ‘A3’ with a ‘Stable’ Outlook by Moody’s Investor Services. In addition, S&P Global Ratings changed the Bank Issuer Credit Rating to ‘BBB+’ from ‘A-‘ with a ‘Stable’ outlook, following the downgrade of the Kuwait Sovereign rating.