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Fitch puts Gulf Investment Corp. on negative rating watch

Fitch Ratings placed the A-/F1 long- and short-term issuer default ratings of Gulf Investment Corp. GSC on Rating Watch Negative on March 27, following the downgrade of Saudi Arabia to A+ and that of Bahrain to BB+.

At the same time, the agency withdrew the firm's "bb" viability rating and its support rating of 1.

GIC is owned by Saudi Arabia, Qatar, Kuwait, Oman, Bahrain and the United Arab Emirates.

The downgrade of the two shareholders represented a weakened shareholder ability to provide extraordinary support to GIC.