Moody’s upgrades NBK’s long-term foreign currency rating to Aa2
Moody’s, the world’s most respected source for credit ratings, raised today its long-term foreign currency deposit rating to Aa2 from Aa3. The upgrade reflects the bank's excellent track record of superior financial performance, amid economic momentum in the local market, as well as its unchallenged leading commercial position.
Mr. Ibrahim Dabdoub, CEO of NBK, commented on the rating upgrade saying “we take pride in the new upgrade by Moody’s which reflects our solid growth and lead position as the highest rated bank in the Middle East. We are pleased to see our strategic actions continue to yield positive results."
NBK is the largest bank in Kuwait, with total consolidated assets of $31.6 billion at June 30, 2007. It has a number one market share in retail banking and enjoys privileged access to most of the country's major corporations. The bank is looking to expand regionally, but we do not expect this expansion to significantly alter its risk profile.
NBK has consistently earned the highest credit ratings in the Middle East by international agencies including Moody's, Standard & Poor's and FitchRatings, in recognition of its healthy performance, fine asset quality and solid capital base. Rating agencies also praise the depth and stability of NBK's management and its clear strategy as fundamental pillars for the Bank's superior ranking. NBK's shareholders' equity stood at USD 3.3 billion at the end of June 2007.
Moody's Investors Service is one of the world’s most respected and widely utilized sources for credit ratings, research and risk analysis. Moody’s commitment and expertise contribute to stable, transparent and integrated financial markets, protecting the integrity of credit. Moody’s also provides research data and analytic tools for assessing credit risk, and publishes market-leading credit opinions, deal research and commentary, serving more than 9,300 customer accounts at some 2,400 institutions around the globe.