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Kuwait's Gulf Bank rating lowered to 'BBB-/A-3'
- Kuwait: Wednesday, November 11 - 2009 at 09:08
Standard & Poor's Ratings Services has lowered its long- and short-term counterparty credit ratings on Kuwait-based Gulf Bank to 'BBB-/A-3' from 'BBB+/A-2', with 'negative' outlook. The ratings agency said the tough operating environment in Kuwait is putting the domestic real estate sector and stock market under pressure, in turn weakening both the credit profiles of local investment and real estate companies and the asset quality and profitability of the bank.
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StaffWednesday, November 11 - 2009 at 09:08 UAE local time (GMT+4)
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