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...