Mubasher: Moody's Investors Service has affirmed the Ba2 corporate family rating of Investcorp Bank, with a ‘negative’ outlook.
However, Moody's has affirmed the Ba2 ratings of the backed senior unsecured debt of Investcorp S.A. and Investcorp Capital Limited, according to a report released on Monday.
The rating action follows Investcorp's 25 October 2016 announced acquisition of the debt management business of 3i Group, a global alternative credit manager. The transaction is expected to close in the first half of 2017, the report said.
Moody’s said that the Ba2 ratings, reflects Investcorp's strong franchise in the Gulf Cooperation Council (GCC) region as a leading alternative investment provider to Gulf investors, as well as investors in the US and Europe.
Meanwhile, the negative outlook on the company reflects the potential that Investcorp might face increasing difficulties in raising new capital or reinvesting clients' capital in the coming year due to the weakening operating environment in the GCC.
