GFH Affirmed at ‘B’ by Fitch Ratings, Outlook Stable  

GFH Financial Group (GFH)’s Long- and Short-Term Issuer Default Ratings (IDR) have been affirmed at ‘B’ by Fitch Ratings (Fitch). The outlook on the Long-Term IDR is Stable. Fitch also affirmed the ‘B’/’RR4’ senior unsecured long-term rating of the USD 500 million 2025 certificates issued via GFH Sukuk Company Limited (GFH SCL). GFH SCL was established for the sole purpose of issuing Sukuk.

Rating Rationale

GFH’s IDRs mainly reflect its investment portfolio’s real-estate concentrations, reliance on transactional gains for a large portion of its income and rapidly expanding treasury activities. GFH’s resilient performance since the start of COVID-19, improved funding access (evidenced by its S...