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GFH awarded BB and B ratings, positive outlook
Gulf Finance House (GFH), the Bahrain based Islamic investment bank, recently announced that Capital Intelligence (CI) has recently concluded a rating exercise on the Bank and has accorded GFH a long-term and short-term corporate rating of BB and B respectively with a positive outlook.
In its report, CI notes that the bank’s ratings reflect a significant reduction in leverage as a result of debt repayments and substantial increases in equity. The rating agency also placed positive weightage on GFH’s successful restructuring of all its term debt.
Capital Intelligence also highlighted and acknowledged that the fresh injections of capital through the bank’s Convertible Murabaha programme along with debt repayment have substantially improved GFH’s leverage.
Hisham Alrayes, acting CEO of GFH, said: “We are very pleased with the ratings affirmation by Capital Intelligence and view it as an endorsement of the actions taken by the bank and its shareholders to strengthen the bank’s financial position and position it for further profitable growth. We are confident about the future prospects for the bank and are determined to deliver higher returns for our investors and shareholders as we go forward.”
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