Burgan Bank – Issuer and Issue Ratings Affirmed; Outlooks Remain Stable

Burgan Bank – Issuer and Issue Ratings Affirmed; Outlooks Remain Stable

Capital Intelligence Ratings (CI Ratings or CI) has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Burgan Bank K.P.S.C. (BB) at ‘A+’ and ‘A1’, respectively. At the same time, CI Ratings has affirmed B B’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 despite the recent lowering of the Outlook on the Kuwait Sovereign to Negative as the current LT FCR is not constrained by the Sovereign. However, it remains possible that the factors that led to the lowering of the Sovereign Outlook may (if not addressed) begin to adversely affect the operating environment for Kuwaiti banks and by extension, begin to put pressure on some of BB’s financial…