...Support-Driven IDRs: Gulf Bank K.S.C.P.'s (GB) Issuer Default Ratings (IDRs) are driven by an extremely high probability of support from the Kuwaiti authorities if needed. This considers Kuwait's strong ability to provide support to domestic banks, as reflected by the sovereign rating and a strong willingness to do so irrespective of the banks' size, franchise, funding structure and the level of government ownership. This view is reinforced by the authorities' record of support for the domestic banking system. The Viability Rating (VR) reflects GB's above-average impaired loans ratio, concentrated balance sheet and below-peer-average profitability. It also considers GB's adequate franchise, experienced management, satisfactory capitalisation, stable funding and healthy liquidity. Third-Largest Bank in Kuwait: GB has an adequate franchise in Kuwait, in both retail and corporate banking, with an overall 10% market share of system assets, supported by a large branch network and a good brand....
