Moody's takes action on Gulf Bank, NBK and Burgan Bank
Moody's Investors Service has downgraded the bank financial strength rating (BFSR) of Gulf Bank in Kuwait to D+ from C-. The D+ rating now maps to a Baseline Credit Assessment (BCA) of Ba1. Consequently, Gulf Bank's long-term global local currency (GLC) and long-term foreign currency deposit ratings were also downgraded to A3/Prime-2 from A1/Prime-1, respectively. All ratings remain on review for further possible downgrade.