Middle East Economic Survey
VOL. LIII
No 15
12-April-2010
KUWAIT
S&P Downgrades GIC Ratings Due To Skewed Funding Profile
Standard & Poors Ratings Services (S&P) on 1 April downgraded the ratings of Kuwait-based Gulf Investment Corporation (GIC), including lowering the counterparty credit ratings to BB-/B from BBB-/A-3, and placed the long term ratings on credit watch with negative implications. The agency said the ratings actions reflect its view of GICs funding profile, which remains...
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