Fitch affirms Gulf International Bank

Fitch Ratings said it affirmed Gulf International Bank's ratings at long-term issuer default A, short-term issuer default F1, individual C and support 1. The support rating floor is unchanged at A.

The outlook is stable.

The ratings reflect a high potential for support the bank would receive from its shareholders, if needed, Fitch said. The bank's governmental owners have the resources to support the bank and have demonstrated their willingness to do so in the past, the agency said.

The ratings also reflect its strong Gulf franchise, consistent and increasing profitability, as well as its good asset quality, the agency said.

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