S&P drops Gulf Finance to SD/SD

Standard & Poor's said it lowered the long- and short-term counterparty credit ratings on Gulf Finance House GSC to SD/SD, or selective default, from CC/C.

"The downgrade to SD/SD follows GFH's completion of the extension of maturity of $100 million of its $300 million syndicated loan facility due Feb. 10," S&P analyst Emmanuel Volland said in a statement.

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