No 49



Fitch Upgrades GIBs Long Term Foreign Currency Rating

Fitch announced on 3 December that it had upgraded Gulf International Banks (GIB) long-term foreign currency rating to A- from BBB+ and the support rating to 1 from 2. At the same time it reaffirmed GIBs short-term foreign currency rating and individual rating at F2 and C respectively. The rating outlook is stable. It has also reaffirmed the rating of the Banks $325mn floating rate note issue, maturing in...