Zain rating cut by Credit Suisse

Credit Suisse has cut its rating on Kuwait-based Zain to "underperform" from "outperform" and said it sees a 50% chance of Etisalat $12bn bid for Zain going through, Reuters has reported. The pre-condition that Zain sells the 25% stake in its Saudi asset and disagreement between the company two influential shareholder groupings over the sale could potentially derail the bidding process, it said.