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Moody's downgrades Gulf Bank
- Kuwait: Tuesday, November 11 - 2008 at 09:31
Moody's Investors Service has downgraded Gulf Bank's bank financial strength rating (BFSR) to C- from C and its long-term local and foreign currency deposit ratings to A1 from Aa3. These ratings remain on review for possible further downgrade. The Prime-1 short-term ratings were affirmed. The ratings were originally placed on review on 28 October following Gulf Bank's announcement that it had incurred potentially sizeable losses. Although the bank has not yet clarified the extent and circumstances of these losses, the downgrades reflect Moody's view that the bank's C BFSR is no longer sustainable.
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Jeff Florian, Senior ReporterTuesday, November 11 - 2008 at 09:31 UAE local time (GMT+4)
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