Commercial Bank of Kuwait – Issue Ratings Affirmed

11 June 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the ‘BBB’ issue ratings assigned to the two KWD50mn subordinated unsecured bonds issued by Commercial Bank of Kuwait (ComBk or the Bank) under its KWD100mn Subordinated Tier 2 Basel III-compliant Bond Programme.

CI Ratings has also ComBk’s Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) at ‘A+’ and ‘A1’, respectively. At the same time, CI has affirmed ComBK’s Bank Standalone Rating (BSR) of ‘bbb+’, Core Financial Strength (CFS) of ‘bbb+’ and Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR is Stable.

The issue ratings are derived from: (i) ComBk’s BSR; (ii) the Bond’s contractual subordination to senior unsecured obligations; and (iii) CI’s view that the Bond’s loss-absorption mechanism is unlikely to be triggered before the Bank becomes non-viable on a standalone basis….