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 (ABK or the Bank) at ‘A+’ and ‘A1’, respectively. At the same time, CI Ratings has affirmed ABK’s Bank Standalone Rating (BSR) of ‘bbb+’, Core Financial Strength (CFS) 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. The ESL takes into account the Bank’s market position in the Kuwaiti banking sector, the Kuwaiti government’s strong track record of providing assistance to banks in the event of need, the…