Moody's Investors Service has downgraded the bank financial strength rating of Kuwait's second-largest lender, Gulf Bank, to 'D-' from 'D+'. The bank's long-term global local currency and foreign currency deposit ratings were also downgraded to 'Baa2' from 'A3'. Outlook was set at 'Stable' for all ratings. The rating agency said the downgrade reflects 'the significant challenges still facing Gulf Bank'.
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