Fitch Rates Iraq's Gulf Commercial Bank 'CCC+'

By John Lee.

Fitch Ratings has assigned the Gulf Commercial Bank (GCB) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'.

It says the rating reflects the bank's, "weak franchise and unstable business model, operations in the highly volatile operating environment of Iraq, a high impaired loans ratio (which is partially due to related-party lending) and structurally weak profitability."

More here.

(Source: Fitch Ratings)

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