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Goldman downgrades Zain

15 April 2010

Kuwait's Zain has been downgraded by Goldman Sachs to "Sell" from "Neutral", Reuters has reported. The brokerage said the market had reacted "too positively" to the sale of Zain's African assets to Bharti Airte for $9bn. Zain had one of the lowest real growth outlooks among its peers in Central Eastern Europe, Middle East and Africa due to a deteriorating home market, Goldman said.

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