Al Ahli Bank of Kuwait – Issuer and Issue Ratings Affirmed

Ref: KW 00 1 2 3 CRA00- 01 30 May 202 4

Al Ahli Bank of Kuwait – Issuer and Issue Ratings Affirmed

Rating Action

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating ( LT FCR ) and Short-Term Foreign Currency Rating ( ST FCR ) of Al Ahli Bank of Kuwait ( A B K ) at ‘A+’ and ‘A1’, respectively. At the same time, CI Ratings has affirmed ABK ’s B ank Standalone Rating (B SR ) of ‘ bbb +’, C ore Financial Strength (C FS ) rating of ‘ bbb +’ and Extraordinary Support Level ( ESL ) of High. The Outlook for the LT FCR and BSR has been maintained at Stable.

CI Ratings has also affirmed the issue ratings assigned to the Bank’s Basel III-compliant Tier 2 subordinated bonds at ‘BBB’ with a Stable Outlook.

Rating Drivers

The three-notch uplift of the LT FCR above the BSR is based on an ESL of High….