Fitch affirms Gulf International Bank

Fitch Ratings said it affirmed Gulf International Bank BSC's long-term issuer default rating at BBB+ with a stable outlook.

The agency also affirmed the bank's viability rating at bbb-.

Fitch said the actions follow the downgrade of Bahrain's sovereign rating to BB- from BB+ and the revision of Bahrain's country ceiling to BBB- from BBB+.

The agency said it put in place three criteria variations as it has deviated from its typical approach of assigning viability ratings above the sovereign rating, of rating banks above the country ceiling, and of assigning support-driven issuer default ratings above the sovereign rating.

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