Dubai: Fitch Ratings has affirmed GFH Financial Group’s (GFH) Short-term Issuer Default Rating (IDR) at “B” and revised its outlook upward from stable to Positive with a Long-term IDR at “B-”.
The positive outlook confirmed by Fitch reflects the steps GFH’s management have taken to strengthen its balance sheet by paying down debt, reshaping the business model with focus on income-generating investments, and consequent improvement of profitability, GFH said in a statement posted on Dubai Financial Market’s website.
GFH said it believes that this upward revision of the outlook is the result of its new strategy and in developing new recurring steams of income through income yielding investments.
