VOL. XL

No. 04

27-January-1997

KUWAIT

GIC Receives Investment Grade Rating From S&P

Standard and Poor's (S&P), the US ratingsagency, has given Kuwait-based Gulf Investment Corporation (GIC) BBB+ long-term and A-2short-term investment grade ratings. S&P said in a statement that GIC's ratings"are based on its healthy capital position as well as its good profitability and loanloss record in recent times." The agency said the fact that the bank is based inKuwait did not affect the...