Middle East Economic Survey

VOL. LIV

No 46

14-Nov-2011

KUWAIT

Moodys Upgrades GIC Financial Strength Rating

Moodys Investors Service on 1 November upgraded the standalone bank financial strength rating of Kuwait-based Gulf Investment Corporation (GIC) to D from D-, in line with a baseline credit assessment of 12 on a scale of 1 to 21, where 1 reflects the lowest level of risk. Moodys said the GIC rating upgrade reflects its improved capital position and reduced leverage (equity-to-total...