Moody's ups Gulf Investment outlook to stable

Moody's Investors Service said it changed to stable from negative the outlook on the D- stand-alone financial strength rating on Gulf Investment Corp.

As a result, the outlook on the company's Baa2 deposit and senior unsecured debt ratings was also changed to stable from negative.

Moody's noted that its decision to change the outlook reflects Gulf Investment's strengthened capital position and reduced leverage, subsequent to (1) its recapitalization in 2009; (2) the managed balance sheet contraction; and (3) the relative stabilization and partial upturn in global markets since H2 2009, allowing Gulf Investment to reverse some of its sizable 2008 mark-to-mark losses and realize gains on the disposal of some of its riskier assets.

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