Global's Support rating is affirmed at '5' and the Support Rating Floor is affirmed at 'No Floor'. The Long- and Short-term IDRs and Individual rating are removed from Rating Watch Negative (RWN).
The rating action follows an announcement by Global that its inability to meet the principal payment on an $200m international syndicated loan obligation due in mid-December has triggered cross default provisions on other obligations. As a result the company is now in default on the majority of its financial obligations, although Fitch understands that interest and coupon payments are being serviced.
In addition to the rating action taken above, Fitch has downgraded Global's Long-term local currency IDR to 'D' from 'C' and removed it from RWN. The expected 'CC'/'RR4' rating on Global's KD50m fixed/floating bond remains on RWN.
Fitch has affirmed Global's $2bn EMTN programme at Long-term 'CC'/'RR4' and Short-term 'C'/'RR4' and removed the ratings from RWN. The programme's ratings have been simultaneously withdrawn as there has been no issuance to date under the programme.
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Fitch downgrades Global Investment House's IDR to 'D'; removes rating watch negative
- Kuwait: Saturday, January 10 - 2009 at 11:12
- PRESS RELEASE
Fitch Ratings has downgraded Kuwait-based Global Investment House's (Global) Long-term Issuer Default Rating (IDR) to 'D' from 'C', Short-term IDR to 'D' from 'C', and Individual rating to 'F' from 'E'.
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Posted by Siba Sami AmmariSaturday, January 10 - 2009 at 11:12 UAE local time (GMT+4)
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