Standard & Poor's Ratings Services said today that it has affirmed its 'BB-/B' long- and short-term counterparty credit ratings on Kuwait-based investment holding company Gulf Investment Corporation G.S.C. (GIC). Subsequently, the ratings were withdrawn at the company request. The outlook was stable at the time of withdrawal, Global Arab Network reports according to a press statement.
"The ratings affirmation reflects our conclusion that the assumptions factored into the ratings still hold," said Standard & Poor's credit analyst Emmanuel Volland.
S&P anticipates that GIC's business and financial profile will not change materially in the foreseeable future. At the same time, S&P expects the links between GIC and its shareholders to remain unchanged. While S&P does not foresee a material improvement in the company's funding structure, which S&P expects to remain skewed toward short-dated sources, S&P acknowledges GIC's improving financial performance.
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