Moody's Investors Service has upgraded the foreign currency deposit ratings of the National Bank of Kuwait (NBK) to A2 from Baa1. Moody's also upgraded the short-term foreign currency deposit rating of NBK to Prime-1 from Prime-2.
In upgrading the short-term foreign currency deposit rating, Moody's noted that the inherent financial and operational strength of NBK suggested that the entity should not need assistance from the government of Kuwait in order to meet its short-term foreign currency obligations.
Moody's also mentioned that the long-term foreign currency deposit rating of NBK remained constrained by the country ceiling for such deposits in Kuwait. The rating on the $450 million Eurobond of the National Bank of Kuwait was confirmed at A2.
Moody's also upgraded the long-term foreign currency deposit ratings of Al Ahli Bank of Kuwait, Bank of Kuwait and the Middle East, Burgan Bank, Commercial Bank of Kuwait and Gulf Bank to A2 from Baa1. In upgrading these deposit ratings, Moody's noted that it expects the Central Bank of Kuwait to provide support for these banks, in the event of need.
In addition, Moody's placed the long- and short-term foreign currency deposits of the Kuwait Finance House and the Gulf Investment Corporation on review for possible upgrades. — (menareport.com)
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