Fitch understands that the loan obligation due from Global on 15 December 2008 has still not been repaid in full, although the lending banks have agreed to form a steering committee to maintain dialogue with Global.
The agency believes that Global's advisors will try to arrange a further grace period to allow the exploration of all options. In the intervening period Fitch understands that Global intends to continue to meet interest payments on all outstanding debt as they become due.
The Long-term Issuer Default Rating (IDR) of 'C', Short-term IDR 'C' and Individual rating 'E' remain on Rating Watch Negative. Fitch will maintain regular contact with Global and HSBC, and comment further when new details emerge from the discussions.
Global's KWD50m local currency bond and its $2bn EMTN programme - both rated 'CC'/ 'RR4' - remain on Rating Watch Negative. There has been no issuance under the EMTN to date.
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Fitch updates on Kuwait's Global Investment House after HSBC appointment
- Kuwait: Wednesday, December 24 - 2008 at 09:00
- PRESS RELEASE
Fitch Ratings has today commented further on the rating actions it took on 15 December 2008 on Kuwait's Global Investment House (Global), following the announcement that HSBC has been appointed as Global's international financial advisor.
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Fitch's Recovery Ratings (RR), introduced in 2005, are a relative indicator of creditor recovery on a given obligation in the event of a default. A broad overview of Fitch's RR methodology as it relates to specific sectors, including a Case Study webcast, can be found at www.fitchratings.com/recovery.
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Posted by Medilyn Manibo, Assistant News EditorWednesday, December 24 - 2008 at 09:00 UAE local time (GMT+4)
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