Mubasher: Fitch Ratings has affirmed Kuwait International Bank’s (KIB) long-term issuer default rating (IDR) at 'A+' and viability rating (VR) at “bb-”, with a stable outlook.
KIB is exposed to slower domestic economic growth due to the coronavirus (COVID-19) pandemic and lower oil prices, however, Kuwait is more resilient than its peers, mainly due to its exceptionally strong external balance sheet and the vast assets of the Kuwait Investment Authority.
KIB’s $2 billion Sukuk program in 2020 supports its growth, funding, and liquidity ratios, according to Fitch.
Meanwhile, the stable outlook on KIB’s Long-term IDR reflects the outlook on the Kuwaiti sovereign rating.
