Moody's Investors Service has changed to positive from stable the outlook on the A2 long-term foreign currency deposit rating of National Bank of Kuwait, and the A2/P-2 long- and short-term foreign currency deposit ratings of Al Ahli Bank, Bank of Kuwait and the Middle East, Burgan Bank, Commercial Bank of Kuwait, Gulf Bank, Gulf Investment Corporation and Kuwait Finance House. In addition Moody's has changed to positive the outlook on Commercial Bank of Kuwait's P-2 Commercial Paper rating and on Gulf Investment Corporation's A2 Senior Unsecured ratings. Moody's believes that the Kuwaiti bank ratings are likely to rise with the country's Foreign Currency Deposit Ceiling. The outlook on all the banks' other ratings remains unaffected.
This action follows Moody's change of Kuwait's sovereign ratings outlook to positive earlier this year, in light of the further strengthening of the country's fiscal and external positions and the successful conclusion regarding the succession of the new Emir.
The following ratings are affected by today's action:
Al Ahli Bank of Kuwait:
Outlook on the A2/P-2 long- and short-term foreign currency deposit ratings changed from stable to positive.
Bank of Kuwait and the Middle East:
Outlook on the A2/P-2 long- and short-term foreign currency deposit ratings changed from stable to positive.
Burgan Bank:
Outlook on the A2/P-2 long- and short-term foreign currency deposit ratings changed from stable to positive.
Commercial Bank of Kuwait:
Outlook on the A2/P-2 long- and short-term foreign currency deposit ratings changed from stable to positive. Outlook on the P-2 Commercial Paper rating changed from stable to positive.
Gulf Bank:
Outlook on the A2/P-2 long- and short-term foreign currency deposit ratings changed from stable to positive.
Gulf Investment Corporation:
Outlook on the A2/P-2 long- and short-term foreign currency deposit ratings changed from stable to positive. Outlook on the A2 Senior Unsecured ratings changed from stable to positive.
Kuwait Finance House:
Outlook on the A2/P-2 long- and short-term foreign currency deposit ratings changed from stable to positive.
National Bank of Kuwait:
Outlook on the A2 long-term foreign currency deposit rating changed from stable to positive. National Bank of Kuwait's P-1 short-term foreign currency deposit and Commercial Paper ratings are unaffected by this action.
