Fitch Ratings on June 3 assigned BBB+ support rating floors to Gulf International Bank BSC and unit Gulf International Bank (UK) Ltd..
The rating agency affirmed both the BBB+/F2 long- and short-term issuer default ratings of the parent company and subsidiary. The outlook on the long-term ratings is stable. Both entities' 2 support ratings were affirmed, while Bahrain-based Gulf International Bank's "bbb-" viability rating remained unaffected.
At the same time, Fitch assigned Ahli United Bank KSCP and unit Ahli United Bank (UK) Plc support rating floors of BBB- and BBB+, respectively.
The long- and short-term issuer default ratings of Kuwait-based Ahli United Bank were affirmed at BBB-/F3, while the same ratings of its British subsidiary were affirmed at BBB+/F2. The outlook on the long-term ratings is stable. The agency affirmed both banks' 2 support ratings, while the viability ratings of Ahli United Bank and Ahli United Bank (UK) remained unaffected at "bb+" and "bbb-," respectively.
Fitch noted the assignment of the support rating floors on the banks mainly reflects their importance to their indirect sovereign owners, which provide the ultimate support to the institutions.