Middle East Economic Survey

VOL. LII

No 23

8-Jun-2009

REGIONAL

S&P Lowers GIC Credit Rating On Constrained Income Streams

Standard & Poors Ratings Services (S&P) announced on 2 June that it has lowered its long-term counterparty credit rating on Kuwait-based Gulf Investment Corporation (GIC) to BBB from BBB+, while keeping its long and short term counterparty credit ratings on CreditWatch, where they had been placed in February. The agency said that GICs ratings are constrained by a...