GFH's stable long-term outlook affirmed

Manama, Oct. 11 (BNA): GFH Financial Group (GFH) on Sunday announced that Fitch Ratings, the international credit rating agency, has affirmed GFH’s Long-term Issuer Default Rating (IDR) at 'B-' with a Stable Outlook and Short-term IDR at 'B'. In affirming the ratings, Fitch has placed considerable weightage on GFH's success in raising capital, liquidity profile, progress made in building profitability and work out of legacy projects. They however have noted that GFH continue to be operating in vulnerable environment given the challenging economic conditions. Commenting on Fitch’s rating, Hisham AlRayes, CEO of GFH said: "The affirmation of the rating by Fitch, is a result for our continued progress and performance. We continue executing our new strategy to build a robust financial group in the region and deliver our previously launched projects. I believe, we are on the right track and in future, we should see higher rating levels for GFH."