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Islamic Finance Briefing - Categorized | Banking, Performance more

S&P cuts Algosaibi Bahrain Bank to default status

Posted on 06 August 2009

From Aawsat.com: Ratings agency Standard & Poor’s cut on Tuesday its rating of The International Banking Corp (TIBC), part of troubled Saudi group Algosaibi, to default status after Bahrain’s central bank took control of the lender.

S&P said in a statement it had lowered its rating on TIBC, owned by Ahmad Hamad Algosaibi & Bros (AHAB) to default status ‘D/D’ from selective default ‘SD/SD’ after Bahrain’s central bank said last week there was a substantial shortfall in the bank’s assets compared with its liabilities……….Full Article: Source

 
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