Fitch raises Kuwait’s foreign currency rating
International rating agency Fitch recently upgraded its long-term foreign currency rating of Kuwait from A+ to AA. The Emirate has one of the largest fiscal and current account surpluses relative to gross domestic product (GDP) in the world.
Due to an increase of external assets, Kuwait’s investment income has reached approximately 17 percent of its GDP. Oil production remains the largest contributor to the economy, accounting for close to 46 percent of the GDP.
The Fitch agency has a rating presence in 75 countries and 40 offices worldwide. The Lond-based agency covers the financial institutions, banks, corporates, loan products, structured finance, insurance, sovereigns and public finance markets worldwide. — (menareport.com)
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