Fitch lowers Gulf International Bank

Fitch Ratings said it downgraded Gulf International Bank BSC’s long-term issuer default rating to A- from A.

The outlook is negative.

The actions follow the downgrade of the Saudi Arabian sovereign, Fitch said.

Following the sovereign downgrade, Fitch said it downgraded the ratings of seven Saudi Arabian banks and revised the outlook of four others to negative from stable.

The negative outlook on Gulf International Bank mirrors the rating on the sovereign.

The negative outlook indicates that the bank’s issuer default rating could be downgraded to BBB+ in the event of a downgrade by one notch of the Saudi sovereign, the agency said.

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