Standard & Poor’s on Wednesday downgraded two prominent Bahrain-based investment companies to junk status as signs mount the Gulf’s financial system is flagging.
Arcapita and Investcorp were both downgraded to BB+ from BBB and put on negative outlook for further downgrades by S&P, which cited the “difficult operating environment” for the two alternative investment companies.
Arcapita responded by saying that it was seeking to raise capital from regional sovereign wealth funds while Investcorp terminated its rating contract with the credit agency over what it called an “unjustified” downgrade.
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