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Gulf Finance House hit by S&P
Gulf Finance House (GFH) said yesterday it is seeking to defer payment of a third of a $300m loan due next week as credit rating agency Standard & Poor’s slapped it with its third downgrade in 10 weeks. “Gulf Finance House … confirms that it has been in discussions with members of the WestLB syndicate to extend only $100m of its $300m facility for a period of six months,” it said in a statement. S&P lowered its ratings on GFH by several notches to CC/C from B+ saying the Islamic investment company’s liquidity position was “under immediate and severe stress.”