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S&P again downgrades GFH

Posted on 03 February 2010

From Tradearabia.com: Gulf Finance House (GFH) scrambled on Tuesday to renegotiate a $300 million loan due next week as credit rating agency Standard & Poor’s slapped it with its third downgrade in 10 weeks.

GFH said on Tuesday that it had met German bank WestLB, a lead arranger for the loan maturing Feb 10, to discuss terms. But sources familiar with the bank said it had also approached private investors in recent days to raise loans, pledging real estate and other assets as collateral, in case negotiations fail……………………………………Full Article: Source

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