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Investcorp's rating cut by Moody's
- Bahrain: Wednesday, September 30 - 2009 at 09:20
Credit rating agency Moody's has downgraded Bahrain-based Investcorp, citing the fragility of its financial condition and the tough environment for private equity deals to generate income, Reuters has reported. The long-term deposit rating of the Bahrain- and London-listed investment house has been downgraded to 'Ba2' from 'Ba1', its financial strength rating to 'D' from 'D+' and assigned a negative outlook to the ratings. Investcorp's financial strength was limited by modest equity levels compared with its risk assets, a high concentration of its private equity investments and little prospects for the company to improve its earnings from fee-generating private equity transactions, the rating agency said.
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StaffWednesday, September 30 - 2009 at 09:20 UAE local time (GMT+4)
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