Gulf Finance House ratings affirmed and withdrawn
Capital Intelligence (CI) has affirmed the ratings for Gulf Finance House (GFH) and subsequently withdrawn the ratings at the rated entity's request.
The Outlook for the Foreign Currency Long and Short-Term ratings of BB and B respectively and Financial Strength Rating of BB was 'negative' at the time of withdrawal. The outlook and ratings reflect CI's opinion that GFH's capacity for the timely fulfilment of its financial obligations remains vulnerable to ongoing adverse changes in internal or external circumstances.
GFH commenced operations in October 1999 as an Islamic investment bank operating under a wholesale banking licence granted by the Central Bank of Bahrain. A large share of its business has focused on major infrastructure projects; notably in the real estate sector.
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