Moody's assigns first time ratings for GIB Saudi Arabia

Moody's Investors Service on Monday assigned first time long and short-term deposit ratings of Baa1/P-2 for Gulf International Bank Saudi Arabia (GIB KSA), the rating agency said in a statement.

Moody’s has also assigned baseline credit assessment (BCA) and adjusted BCA of ba3/ba2, long and short-term counterparty risk ratings of Baa1/P-2 and long and short-term counterparty risk assessments of Baa1(cr)/P-2(cr). The outlook assigned to the long-term deposit ratings is stable.

GIB KSA was incorporated in April 2019 as a subsidiary of Gulf International Bank BSC (GIB BSC) with a capital of SAR 7.5 billion ($2 billion) and was formerly structured as the Saudi branch of GIB BSC.

Following the incorporation of GIB KSA, all the assets and liabilities of GIB BSC's branch operations in KSA have been assumed by GIB KSA as have been the branches' old banking and commercial licenses, Moody’s statement added.