Gulf investment body credit rating downgraded

Gulf investment body credit rating downgraded. (REUTERS)

Standard and Poor's downgraded the credit ratings of Gulf Investment Corporation (GIC) over liquidity risks and placed its long-term rating on credit watch with negative implications, a statement said.

The Kuwait-based GIC's counterparty credit ratings were lowered to BB-/B from BBB-/A-3. "In our opinion, this funding structure exposes GIC to market conditions and raises a significant refinancing risk," said Mohamed Damak, credit analyst at Standard and Poor's.

 

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