A statement from the merchant bank yesterday said that GIB's long-term foreign currency rating has been upgraded to A- from BBB+ by Fitch and to Baa1 from Baa2 by Moody's. Fitch has also reaffirmed GIB's short-term foreign currency rating and individual rating at F2 and C respectively. A statement issued by Fitch said that the implementation of a Gulf merchant banking strategy, which began at the beginning of 2002, has contributed to a strengthening of GIB's financial position.
Growth in fee and treasury-related income is leading to an improvement in the quality of GIB's earnings, it added. It also said that GIB's risk profile is decreasing as it withdraws from non-AGCC lending.
When we choose to look away for good, we are as complicit as those at the helm of this atrocity
Over 100 people in Lebanon have been reported killed during the hostilities started on October 7