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S&P trims GFH Financial
S&P said it lowered its long-term foreign- and local-currency issuer credit ratings on GFH Financial Group BSC to B- from B. The outlook is stable.
“We believe GFH's profitability will decline in 2020 following deterioration of its operating environment. In particular, we expect investment banking revenue will be constrained as a result of subdued investor appetite on the back of increased market volatility and uncertainty,” said S&P in a press release.
“While the performance of real estate operations appears to be largely secure in the near term, we note a more prolonged recession may delay disposal of legacy real estate assets. The performance of the GFH's commercial banking subsidiary, despite support from the central bank, is likely to remain under pressure as the economy slows,” said S&P.
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