S&P cuts Gulf Investment

Standard & Poor's said it downgraded Gulf Investment Corp. GSC's counterparty credit ratings to BB-/B from BBB-/A-3 and placed the long-term ratings on CreditWatch with negative implications.

The downgrade reflects a view that the company's funding profile remains skewed toward short-dated funding instruments, S&P said. This structure results in material exposure to liquidity and refinancing risks, the agency said.

The ratings reflect its status as a government-related entity and its strong ongoing funding support from entities related to its shareholders, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.