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Rating agency revises Arcapita's outlook
- Bahrain: Thursday, December 11 - 2008 at 08:59
Standard & Poor's has revised its outlook on Bahrain-based Arcapita Bank to negative from stable, reported Gulf Daily News. At the same time, the ratings agency affirmed the 'BBB/A-2' long- and short-term counterparty credit ratings on the bank. Standard & Poor's credit analyst Mohamed Damak said the outlook revision 'reflects the deteriorated environment in which the bank operates, which is limiting its capacity to place investments with customers, as well as leading to a strained financial performance and funding position'. He added that the value of Arcapita's own investments - mainly in private equity and real estate - could decline and require some provisions.
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Jeff Florian, Senior ReporterThursday, December 11 - 2008 at 08:59 UAE local time (GMT+4)
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