Fitch: GCC bank credit profiles to weaken despite unprecedented stimulus
Fitch Ratings-London-29 April 2020: The standalone credit profiles of Gulf Cooperation Council (GCC) banks are set to weaken due to the coronavirus pandemic and lower oil prices despite unprecedented economic stimulus packages worth hundreds of billions of US dollars, Fitch Ratings says in a new report. All six GCC governments were quick to announce stimulus packages for their banking sectors to mitigate the economic impact of the pandemic, but we expect banks' profitability and asset quality to deteriorate, leading to pressure on some banks' Viability Ratings.
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