Fitch downgrades Gulf Investment Co
Kuwait: Fitch Ratings has said it has downgraded Kuwait-based Gulf Investment Corporation's (GIC) long-term issuer default rating (IDR) to 'BBB' from 'A', Reuters has reported. The rating agency has also cut GIC's short-term IDR to 'F3' from 'F1', support rating to '2' from '1' and individual rating to 'D/E' from 'D'. The ratings have been removed from rating watch negative. Fitch has also withdrawn the support rating floor of 'A'. The downgrade reflects Fitch's view of a reduced willingness to provide future support as implied by the excessive delays in completing the $1.1bn capital increase approved by all shareholders last year, the agency has said. [AMEInfo.com]
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