GFH Financial Group (GFH) has announced that S&P Global Ratings has initiated coverage and assigned it with a ‘B’ long-term issuer credit rating with a stable outlook.
“The rating comes in line with the GFH’s success in reshaping its business model in order to become a fully diversified financial group,” the group said.
The report looked at the group’s four distinct business segments that include: Investment banking, where the agency made note of GFH’s ability to achieve a stable pipeline of deals as well as its focus on undertaking income-generating transactions; commercial banking, via its subsidiary Khaleeji Commercial Bank (KHCB); real estate development, where the group is looking to transform and exit legacy assets; and treasury and proprietary investments, a recently established and growing business line that manages the group’s liquidity and generates income.
Hisham Alrayes, CEO of GFH, said: “We’re pleased with the continued recognition from our ratings agencies and the market of the steady progress and ongoing development of our business.”
“Our focus on diversification, income generation and exits from legacy assets has been demonstrated and is now understood by the market. We will continue to execute on our strategy with the aim of even further enhancing our results and delivering greater value to our shareholders and investors in the coming year.”
