Wednesday, 3 February 2010
Moody's downgrades Kuwait's Gulf Bank ratings
Rating agency Moody's Investors Service on Tuesday downgraded a number of ratings for Kuwait's Gulf Bank citing "significant challenges" still facing the emirate's second largest lender.
The bank incurred heavy losses in late 2008 from derivatives deals and the government stepped in to support it.
Moody's downgraded the bank's financial strength rating to D- from D+ and its long term global local currency and foreign currency deposit ratings to Baa2 from A3. All ratings will now carry a stable outlook, the agency said.
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