Following the recent increase in the sovereign rating for the State of Kuwait, Capital Intelligence (CI) rating agency announced that the long term foreign currency rating for the National Bank of Kuwait (NBK) had been raised to a+.
The CI ratings for NBK are in the form of a Rating Assessment. Rating Assessments are prepared on the basis of public information only.
The previous long term foreign currency rating for NBK had been constrained by the sovereign rating of Kuwait. The bank now has a financial strength rating of aa- and a support rating of 2. The Outlook is stable, reported a press release.
NBK continues to be the largest and strongest bank in Kuwait and despite increasing competition, retains its dominant position in the sector. The bank enjoys a strong balance sheet, strong profitability and a highly capable and very stable management team. In recent years, the bank’s opportunities for growth had appeared to be constrained by the size of the Kuwait market and NBK’s already large market share. However expansion into other Gulf Cooperation Council (GCC) markets and now into Iraq has opened up new avenues for the bank to grow. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
