Positive Action by Moody’s on GIC’s Credit Rating
On 6th July 2010, Moody's upgraded the Outlook on Gulf Investment Corporation's credit rating to Stable from Negative, while reaffirming its Baa2 Long Term rating. This enhancement on GIC's credit rating is a reflection of the significant improvement on all key parameters, including profitability, financial strength, leverage, capitalization and liquidity. The solid investment-grade ratings also reflect the strong support from shareholders & GIC's standing in the region. GIC posted a profit of US$ 91 million in 2009, and as of mid-year [...]