Middle East Economic Survey

VOL. LIII

No 7

15-Feb-2010

BAHRAIN

S&P Downgrades GFH After $100mn Loan Extension

Bahrain-based Islamic investment firm Gulf Finance House (GFH) has successfully struck a deal to delay the repayment of one third of a $300mn loan by six months, narrowly avoiding a default, it said 10 February. The $300mn murabaha loan was replaced with a six-month $100mn facility, set to mature on 10 August, with GFH having already repaid $200mn. As a result, the firm was downgraded...