GFH Financial Group B.S.C Announcement of Credit Rating (9737K)

TIDM95HX

RNS Number : 9737K

GFH Financial Group B.S.C

27 December 2022

CMP/DEC/2022/0011

Announcement on Credit Rating

 
 Date                                                           27/12/2022 
 Name of Listed                                                   . . . 
  Company                                               GFH Financial Group B.S.C. 
                         ---------------------------------------------------------------------------------------  ---- 
 Trading Code                                                      GFH 
                         ---------------------------------------------------------------------------------------  ---- 
 Name of the                                                                                                         / 
  Credit Rating                                                 S&P Global 
  Agency 
                         ---------------------------------------------------------------------------------------  ---- 
 Credit Rating                                                      (B) 
  Classification                                Long-term rating of 'B' with Stable Outlook 
  Categories 
                         ---------------------------------------------------------------------------------------  ---- 
 A simple explanation      (B-) (B) . (B-) .(B) 
  of the Credit 
  Rating Classification     2020-2022 . 
  issued and its            GFH Financial Group would like to advise 
  implications              its shareholders and the markets that S&P 
                            Global Ratings (S&P) has raised the Group's 
                            long-term rating from B- to B with a stable 
                            outlook. At the same time, the agency also 
                            raised the credit ratings on sukuk issued 
                            by GFH Sukuk Company Ltd to 'B' from 'B-'. 
                            This was supported by resilient revenues 
                            over 2020-2022, with sustained investment 
                            banking business, revitalized banking activities, 
                            and expanded revenue from treasury business, 
                            in addition to the spun-off the real estate 
                            business. 
                         ---------------------------------------------------------------------------------------  ---- 
 The expected 
  financial impact                                            Not applicable 
  of the Credit 
  Rating Classification 
  on the company's 
  business and 
  financial position 
                         ---------------------------------------------------------------------------------------  ---- 
 Future outlook                                                                                                    ( ) 
  (as per the                                                     Stable 
  Credit Rating 
  Agency) about 
  the company 
                         ---------------------------------------------------------------------------------------  ---- 
 Summary of               . . . 
  the official 
  statement issued         The management is pleased to announce S&P's 
  by the company           upgraded ratings for the Group and ongoing 
  regarding the            market recognition of the strength of GFH's 
  Classification           business and the steps we have taken to 
  of the Credit            further enhance our results and financial 
  Rating                   position. Despite challenging market conditions, 
                           our performance across each of our core 
                           business lines has remained resilient, enabling 
                           us to deliver solid returns for the Group, 
                           our shareholders and investors. We will 
                           continue to build on this momentum and strong 
                           demand for our unique and well-diversified 
                           investments 
                         ---------------------------------------------------------------------------------------  ---- 
 Press release 
  or executive                                  You may refer to the agency's website for 
  summary                                                       the report 
                          https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/2931 
                                                                   655 
                         ---------------------------------------------------------------------------------------  ---- 
 
 
                   Mariam Jowhary   Name 
  ---------- 
               Head of Compliance   Title 
                            & AML 
  ----------  -------------------  ------ 
  Signature           Company Seal 
              --------------------------- 
 
 

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December 28, 2022 02:00 ET (07:00 GMT)