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Article: BAHRAIN: MOODY'S DOWNGRADES INVESTCORP TO BAA3/P-3/D+; DEPOSIT RATINGS REMAIN ON REVIEW FOR POSSIBLE FURTHER DOWNGRADE.
- Article from:
- IPR Strategic Business Information Database
- Article date:
- November 13, 2008
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Moody's Investors Service has today downgraded the long- and short-term deposit ratings and the bank financial strength rating ("BFSR") of Investcorp Bank B.S.C. to Baa3/Prime-3/D+ from Baa2/Prime-2/C-. The ratings of its subsidiary Investcorp S.A. were also downgraded to the same level. Moody's also kept the deposit ratings on review for possible further downgrade. According to Moody's, the decision to downgrade Investcorp's deposit ratings and BFSR reflects near-term pressures on the bank's financial strength as well as Moody's view on some of the longer-term challenges for the alternative investment sector, as a whole. The rating agency highlights: (i) the ...