AME Info, 4 Jul 2009
Fitch Ratings has placed Kuwait-based Gulf Investment Corporation's Long-term Issuer Default Rating of 'A', Short-term IDR of 'F1', Support Rating of '1' and Support Rating Floor of 'A' on Rating Watch Negative (RWN).
The RWN reflects Fitch's concerns that the willingness to provide ongoing support to GIC by the shareholders (in case of future need), may have weakened given the long delays in some of the shareholders making payments towards GIC's $1.1bn capital increase approved in December 2008.
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