VOL. XLII
No. 29
19-July-1999
KUWAIT
Fitch IBCA Downgrades Gulf Bank
Ratings agency Fitch IBCA announced on 12 July that it haddowngraded the individual rating of Gulf Bank from B to B/C. According to astatement from the agency, the move reflects the significant loan growth at thebank in the past two years, which "could be a source of problems if theeconomy weakens further." In addition, the bankç´ aggressive bidding fordeposits in 2Q 1998 in an effort to comply with consumer lending ratios led...
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