Middle East Economic Survey
CI Downgrades GIB Ratings
Capital Intelligence (CI) has lowered the long term foreign currency rating and financial strength rating of Bahrain-based Gulf International Bank (GIB) to A and BBB+, respectively, it said on 14 June. The ratings agency cited challenges associated with restoring net profitability after sustained net losses and an increase in impaired credits in 2009 for the ratings action. However, the outlook on the ratings...