Wednesday 26, August 2009 by
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.
