Gulf investment body credit rating downgraded

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.