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Subprime crisis hits GIB
- Bahrain: Sunday, December 16 - 2007 at 08:28
Fears that some Gulf based lenders could be affected by the US subprime crisis have been heightened by Moody's Investors Service's decision to revise the outlook on the A2/Prime-1 deposit ratings and A3 subordinated debt ratings of Bahrain's Gulf International Bank (GIB) to 'negative' from 'stable', reported Gulf News. Moody's stated the GIB's investments in US residential mortgage-backed securities and structured investment vehicles could hit its intrinsic financial strength.
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Jonathan Sheikh-Miller, Deputy EditorSunday, December 16 - 2007 at 08:28 UAE local time (GMT+4)
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