Saudi- GFH Financial Group sees higher ratings in future

(MENAFN- Arab News)GFH Financial Group (GFH) has announced that Fitch Ratings an 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 and 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 Al-Rayes 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."