VOL. XL
No. 23
9-June-1997
KUWAIT
IBCA Upgrades Gulf Bank's Rating
Kuwait-based Gulf Bank announced on 3 June that the Anglo-French ratingsagency International Banking Credit Agency (IBCA) has raised the bank's individual ratingfrom B/C to B. However, long-term and short-term forex and legal ratings remain unchangedat BBB+, A2 and 2 respectively. In a statement, Gulf Bank quotes IBCA as saying that the"gradual repayment of Government Debt Bonds have reduced the portfolio to a levelwhere it is...
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