Moody's rates Gulf International Bank notes A3

Moody's Investors Service said it assigned a rating of A3 to the 3.5 billion in Saudi Arabian riyal floating-rate notes issued by Gulf International Bank.

The outlook is stable.

Moody's said that the notes, launched in the Kingdom of Saudi Arabia through the bank's Riyadh branch, constitute unsubordinated obligations of the bank, ranking equally with its other senior unsecured obligations.

The agency said the bank's A3 deposit rating is based on the bank's standalone financial strength. The bank is majority owned by the government of Saudi Arabia, Moody's said.

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