The rating highlights GFH’s sound capitalisation relative to the rating level, supported by regulatory oversight of the Central Bank of Bahrain (CBB).
Fitch has affirmed its B long-term issuer default ratings (IDR)on GFH Financial Group with a stable outlook.
The affirmation reflects GFH’s continued efforts on reshaping the Group’s business model towards a greater focus on fee generation and lower risk, lower return investments as well as the GFH’s achievement of a second consecutive year of material net income.
Also, noted as a positive factor is the continued presence of Abu Dhabi Financial Group as a significant shareholder in the group.
“We’re pleased with Fitch’s affirmation of GFH’s rating and its recognition of the strength of our strategy and the positive financial performance and continued profitability that GFH has effectively delivered over the past two years as well as into 2018,” said Hisham Alrayes, CEO of GFH Financial Group.
In a statement, GFH welcomed the positive ratings, emphasising on the group’s efforts to shift their business model, creating a stronger and more well diversified financial group.