Mubasher: The Gulf Investment Corporation's (GIC) credit profile is endorsed by solid capital adequacy and liquidity positions, Moody's Investors Service said in a report on Thursday.

The GIC’s credit profile is backed by the company’s highly rated shareholders.

It is noteworthy that Moody’s has placed the credit rating of the GIC at “A2”, with a “Stable” Outlook.

"GIC's credit profile has gradually improved as a result of lower market exposure and continued deleveraging," said Thaddeus Best, a Moody's Analyst and author of the report.

Moody’s said that GIC's capital base has represented an average 107% of operational assets over the past three years; this average is a very high level even among multilateral development banks (MDBs).

The GIC has reduced its leverage considerably since 2008, with debt to usable equity falling from 5x in 2008 to 49.7% in 2016.

The GIC is equally owned by the governments of the six member states of the GCC; Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.