Fitch affirms Investcorp Bank

Fitch Ratings said it affirmed the long- and short-term issuer default ratings of Investcorp Bank BSC and its subsidiaries, Investcorp SA and Investcorp Capital Ltd., at BB+ and B respectively. The ratings were removed from Rating Watch negative.

The outlook is negative.

The affirmation reflects Investcorp's strong Gulf-based alternative investment franchise and its recent $500 million capital raise, Fitch said.

The company has managed its liquidity during the financial crisis and paid down maturing debt and met client hedge fund redemptions without imposing gates, the agency said.

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