Middle East Economic Survey

VOL. LII

No 7

16-Feb-2009

KUWAIT

S&P Lowers Long-Term Rating On Gulf Investment Corporation

Standard and Poors Ratings Services (S&P) on 9 February lowered its long term counterparty credit rating on Kuwaits Gulf Investment Corporation (GIC) from A- to BBB+ and placed both long term (BBB+) and short term ratings (A-2) on CreditWatch. The downgrading is due to the negative impact of the global and regional market conditions on GICs business and financial profile....