IIRA upgrades GFH to BBB-

Manama : Islamic International Rating Agency (IIRA) has upgraded GFH Financial Group (GFH) on its national scale ratings by a notch to ‘BBB-(bh)/A3(bh)’ (TripleB Minus/ A Three) with a ‘Stable’ outlook. The agency also maintained GFH’s international scale ratings at ‘BB/B’ (Double B / Single B).

The report cites the recent positive developments that have reinforced the Group’s balance sheet, better aligning it for future growth, in line with its announced strategy as the reasons for the upgrade. The Group’s overall fiduciary score falls in the range of ’61-65’.

IIRA also opined that the ratings were a positive reflection on the addition of a strong anchor institutional investor, Abu Dhabi Financial Group (ADFG) with operations in the UAE and Europe.