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Fitch Affirms Investcorp Bank & Subsidiaries' IDRs at 'BB+'; Outlook Negative.

Publication: Real Estate Weekly News
Publication Date: 06-NOV-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Fitch Ratings has affirmed the long- and short-term Issuer Default Ratings (IDRs) of Investcorp Bank BSC (Investcorp) and its subsidiaries Investcorp SA and Investcorp Capital Ltd at 'BB+' and 'B', respectively. In addition, Fitch also affirmed the individual ratings at 'C'. The long-term and individual ratings are also removed from Rating Watch Negative where they were placed on May 11, 2009. The Rating Outlook is Negative. A complete list of ratings is provided at the end of this release.

The affirmation reflects Investcorp's strong Gulf-based alternative investment franchise and its recent $500 million capital raise. The firm's preference share issuance reduces near-term liquidity pressure and provides cushion against further asset value deterioration...

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