&P Assigns Global 'BBB/A-3' Ratings; Outlook Stable.Summary: Global Investment House "Global" announced today Standard & Poors (S&P), has assigned Global 'BBB/A-3' long- and short-term counterparty ratings with a stable outlook. &P Assigns Global 'BBB/A-3' Ratings; Outlook Stable Global Investment House "Global" announced today Standard & Poors (S&P), has assigned Global 'BBB/A-3' long- and short-term counterparty ratings with a stable outlook. In its report, S&P cited that ratings on Global reflect its strong capitalization, good market position, consistent strategy, and high although potentially cyclical profitability. The ratings also reflect Global's stand-alone creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. and do not factor in potential external support from shareholders or authorities. Negative rating factors include the company's short track record, small size by international standards--with a reliance on a limited number of key individuals, weak funding and liquidity profile as a wholesale entity, and high investment in private equity. With total assets of $5.2 billion and assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. (AUM Aum (ä·ōōmˑ), n.pr 1. in Ayurveda, the subtle, noiseless cosmic vibration in which consciousness existed in the beginning, before the elements appeared. ) of $9.5 billion at mid-year 2008, albeit small by international standards, the company enjoys a leading regional status and benefits from a large and increasingly diversified investor base. Global intends to enlarge its regional footprint through the expansion of its branch network and the acquisition of strategic stakes into regional financial institutions. Following the capital increase in May 2008 through the raise of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.15 billion (through a Global Depository Receipts Global Depository Receipt A receipt denoting ownership of foreign-based corporation stock shares which are traded in numerous capital markets around the world. issue), Global's adjusted total equity (ATE)-to-total assets ratio jumped to a strong 48.3% at mid-year 2008 from 21.8% on March 31, 2008. This capital hike demonstrates Global's strong financial flexibility and willingness to make capital keep up with investment needs, as well as maintain leverage at adequate levels given the company's fast-paced growth and future plans. Mrs. Maha Al-Ghunaim, Chairperson and Managing Director at Global expressed the CompanyCOs satisfaction with the ratings for the company, which highlight its commitment towards excellence as a regionCOs leading asset management and investment banking firm with a value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. profile in the GCC GCC: see Gulf Cooperation Council. (compiler, programming) GCC - The GNU Compiler Collection, which currently contains front ends for C, C++, Objective-C, Fortran, Java, and Ada, as well as libraries for these languages (libstdc++, libgcj, etc). and MENA MENA Middle East & North Africa MENA Middle East News Agency (Arabic Wikalat Al-Anbaa' Al-Sharq Al-'awsat) MENA Medium-Energy Neutral Atom MENA Mammalian Enabled MENA Mission Element Need Analysis regions capital markets. Mrs. Al-Ghunaim concluded that C[pounds sterling]Since our inception in 1998, we have achieved growth in all key financial performance indicators, reflecting success of our core strategies and business model accompanied by moderate risk taking leading to an investment grade rating.C[yen] A[umlaut] 2008 Al Bawaba (www.albawaba.com) A[umlaut] 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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