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Article: Fitch Downgrades Investcorp Bank & Subsidiaries' IDR to 'BB+'; Remains on Watch Negative.
- Article from:
- Investment Weekly News
- Article date:
- May 30, 2009
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Fitch Ratings has downgraded the long- and short-term Issuer Default Ratings (IDR) respectively of Investcorp Bank BSC (Investcorp) and its subsidiaries Investcorp SA and Investcorp Capital Ltd to 'BB+' and 'B'. The long-term IDRs remain on Rating Watch Negative (see full list below).
The downgrade reflects Investcorp's weakened capital position and Fitch's concerns regarding its ability to raise additional capital to maintain an ample cushion around earnings volatility. To date, capital commitments have not yet been sufficient to maintain its current ratings, a key rating driver that Fitch noted in its last commentary on Feb. 12, 2009. Fitch recognizes that the ...