Middle East Economic Survey

VOL. LII

No 15

13-Apr-2009

Bahrain

Fitch Upgrades GIB Rating On Sale Of Securities

The announced purchase of $4.8bn of non-core investment securities by shareholders of Bahrains Gulf International Bank (GIB) was reflected in a Fitch Ratings credit rating agency affirmation of its long-term issuer default rating at A with a stable outlook, and an upgrading of the banks individual rating to C/D from D. Fitch also affirmed GIBs short-term rating at F1 and subordinated debt...