Capital Intelligence affirms Bahrain’s UGB

June 23, 2015 11:04 AM

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Capital Intelligence (CI) affirmed United Gulf Bank’s (UGB) Long and Short-Term Foreign Currency at ‘BBB’ and ‘A3’ respectively.

The rating agency said that UGB’s strong ownership is combined with the demonstrated financial and liquidity support from its parent Kuwait Projects Company Holding (KIPCO Group).

CI affirmed the bank’s Support Level at ‘3’, which reflects the high likelihood of support from the parent KIPCO which was affirmed at ‘BBB’.

CI’s issued report noted that “The ratings are underpinned by UGB’s good debt repayment record, access to term finance and short-term funding, and the sound quality of the investment portfolio.”


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