S&P lowers Gulf Finance

Standard & Poor's said it lowered the long-term counterparty credit rating on Gulf Finance House GSC to B+ from BB+, affirmed its B short-term rating and placed them on CreditWatch with negative implications.

"The rating action reflects our more negative assessment of the bank's funding and liquidity position as well as its ability to implement its revised business model to boost revenues," S&P analyst Goeksenin Karagoez said in a statement.

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