|
|
Article: MOODY'S SAYS INVESTCORP'S PREFERENCE SHARE ISSUE IS POSITIVE
- Article from:
- Info-Prod Research (Middle East)
- Article date:
- August 4, 2009
CopyrightCopyright 2009 Info-Prod Research (Middle East). Provided by ProQuest LLC. (Hide copyright information)
|
Moody's Investors Service today said that theannouncement by
Investcorp Bank BSC ("Investcorp") that it had raisedmore than
US$500.0 million in new preference shares is a positivedevelopment
for the bank. According to Moody's, this represents the successful
completion of Investcorp's capital-raising efforts which were
initiated in Q4 2008."Despite the cost, the issue of new preference
shares eases pressure onthe bank's solvency and liquidity positions
and provides it withadditional resources to cope with a sustained
period of low investmentorigination, placement activity and
valuation pressures," says GeorgeChrysaphinis, Vice President --
Senior Analyst in Moody's Limassol-basedFinancial ...