Fitch rates Global Investment notes BBB

Fitch Ratings said it affirmed Global Investment House's long-term foreign-currency issuer default rating at BBB and short-term foreign-currency issuer default rating at F3.

Fitch also said it assigned the company a long-term local-currency issuer default rating of BBB and a long-term local-currency rating of BBB on its 50 million in Kuwaiti dollars on its fixed/floating-rate notes due 2013. The final rating on the notes is contingent upon the receipt of final documents.

The ratings reflect the company's growing franchise in regional corporate finance and asset management, good profitability, sound capital base and good cost efficiency, Fitch said.

They also reflect substantial exposure to market risk on equity investments and the resulting potential for volatile earnings, reliance on short-term borrowing and sensitivity to the regional economy and stock markets, the agency said.

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