Moody's lifts First Gulf Bank view to stable

Moody's Investors Service said it affirmed the A2/prime-1 long-term and short-term debt and deposit ratings of First Gulf Bank PJSC.

The agency also said it upgraded its standalone credit strength to Baa3 from Ba1 and revised the outlook on the ratings to stable from negative.

These changes reflect the bank's strong profitability, high capitalization levels and relatively solid asset quality compared with its rated peers, Moody's said.

The agency said the bank has emerged from the crisis with improved capitalization levels and has maintained its strong profitability and relatively solid asset-quality ratios.

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