Saudi Gazette - GFH given BB- rating, ‘Positive Outlook’:
"Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, said Monday that Capital Intelligence (CI) has accorded GFH a long-term and short-term corporate rating of BB- and B, respectively with a “Positive Outlook”.
In its report, CI noted that the bank’s ratings reflect a significant reduction in leverage as a result of debt repayments and substantial increases in equity. The rating agency has placed positive weightage on GFH’s successful restructuring of all its term debt with extended repayment periods, and the return to profitability in 2012.
Capital Intelligence also said fresh injections of capital through the bank’s convertible Murabaha program along with debt repayment have substantially improved GFH’s leverage."
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