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...