Middle East Economic Survey

VOL. LIII

No 25

21-Jun-2010

BAHRAIN

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...