No. 29



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 bank痴 aggressive bidding fordeposits in 2Q 1998 in an effort to comply with consumer lending ratios led...