Fitch affirms Gulf International

Fitch Ratings said it affirmed Gulf International Bank's long-term issuer default rating at A with a stable outlook and upgraded its viability rating to bbb- from bb+.

Fitch said it also affirmed Gulf International's subsidiary, Gulf International Bank (UK) Ltd's long-term issuer default rating at A with a stable outlook.

The agency said the bank's issuer default ratings are support-driven and reflect Fitch's view of an extremely high probability of support from its majority shareholder, the Saudi Government's Public Investment Fund, which holds a 97.2% stake.

Support from the Saudi shareholders for the bank was clearly demonstrated in the recent past, including significant capital injections and the purchase of its substantial structured investment portfolio, the agency said.

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