Moody's gives Gulf International program A3, Baa1

Moody's Investors Service said it has assigned ratings to the $4 billion euro medium-term note program of Gulf International Bank BSC.

Moody's said it has assigned ratings of A3 and Baa1 to the senior unsecured and subordinated notes, respectively, to be issued under the program.

The outlook is stable.

Moody's added that the bank's A3 deposit rating is based on the bank's standalone financial strength (represented by a D+ bank financial strength rating mapping to a Ba1 baseline credit assessment) as well as four notches of uplift reflecting an assessment of the likelihood of support for the bank in case of need from its majority owner, the Government of Saudi Arabia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.