First Gulf Bank Lowered to `Hold' From `Buy' at Citigroup on Asset Quality - Bloomberg

First Gulf Bank PJSC was lowered to “hold” from “buy” at Citigroup Inc., citing deteriorating asset quality and exposure to the real-estate sector.

“We see few positive catalysts for FGB shares in the near term,” London-based analyst Simon Nellis wrote in a report today. “Business activity remains sluggish, continued uncertainty over the impact of the Dubai World restructuring, and the bank’s heavy exposure to property are all expected to continue to weigh on the shares.”