Global Arab Network | Saudi, Bahrain - Fitch Rates Gulf International Bank's SAR 3.5 bn Notes Long-term 'A'

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Saudi, Bahrain - Fitch Rates Gulf International Bank's SAR 3.5 bn Notes Long-term 'A'

Global Arab Network - - George Haddad

Friday, 23 April 2010 11:57

Bahrain-based_Gulf_International_Bank_GIB

Fitch Ratings has assigned Bahrain-based Gulf International Bank's (GIB) SAR3.5bn unsecured unsubordinated floating-rate notes due in April 2015 a Long-term 'A' rating. The issue was launched through the bank's Riyadh branch.

The rating is in line with GIB's Long-term Issuer Default rating (IDR) of 'A', which has a Stable Outlook. GIB's other ratings are Short-term IDR 'F1', Individual 'C/D', Support '1' and Support Rating Floor 'A'.

Established in 1975, GIB provides wholesale banking services to Gulf corporate and institutional clients. It has branches in the UK, US and Saudi Arabia (Riyadh and Jeddah) and is 97.2%-owned by the government of Saudi Arabia through the Public Investment Fund.

In Fitch's rating criteria, a bank's standalone risk is reflected in Fitch's Individual ratings and the prospect of external support is reflected in Fitch's Support ratings. Collectively these ratings drive Fitch's Long- and Short-term IDRs.

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