Global Investment House, Kuwaits biggest institutional investor, defaulted on a $200m loan and had appointed HSBC to renegotiate its debts.Rumours were that the Kuwaiti government would bail them out but that appears not to have happened.
Fitch immediately cut its rating to C. and Standard & Poor's cut the group's rating to "speculative default", both a far cry from last weeks investment grade rating.
The biggest creditior is German investment bank WestLB
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