S&P: Gulf International view stable

Standard & Poor's said it affirmed the A-/A-2 long- and short-term counterparty credit ratings on Gulf International Bank BSC.

The outlook is stable.

According to S&P, the affirmation balances the bank's announced loss related to large writedowns on its securities portfolio with a $1 billion capital increase in March from shareholders.

Ratings reflect the bank's supportive ownership structure, enhanced merchant-banking franchise and solid loan quality, the agency said.

The geographic concentration of the company's customer base, its wholesale funding profile and its rapid loan growth constrain the ratings, S&P said.

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