VOL. XL

No. 8

24-February-1997

BAHRAIN

GIC Receives Investment Grade Rating

Moody's has also assessed Gulf Investment Corporation (GIC), which receives the same rating as its subsidiary Gulf International Bank (GIB) - Baa2 and Prime 3 on its deposits and a BFSR of C. The agency says that the ratings reflect largely those already assigned to GIB, as the commercial bank represents about 80% of the group's balance sheet and provides the same proportion of its revenues. As for GIC itself, Moody's...