GFH long-term rating rises to BB

Abu Dhabi: Gulf Finance House (GFH) announced on Sunday that Capital Intelligence, international credit rating agency, has raised the bank’s long-term rating to BB from BB-, and affirmed short-term rating at B.

The outlook for GFH’s ratings reverts to ‘Stable’ from ‘Positive’ following the rating action. According to the agency, the new ratings reflect a number of positive factors and progress at the bank including the recent refinancing and resultant extended debt repayment period.

Also supporting the ratings is the drop in leverage.