Commercial Bank of Kuwait – Ratings Affirmed

Ref: KW 00 4 20 CRA00- 01 17 June 202 1

Commercial Bank of Kuwait – Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the L ong-Term Foreign Currency Rating (L T FCR ) and S hort-Term Foreign Currency Rating (S T FCR ) of Commercial Bank of Kuwait (ComBK) at ‘A+’ and ‘A1’, respectively. At the same time, CI Ratings has affirmed ComBK’s B ank Standalone Rating (BS R ) of ‘bbb+’ and C ore Financial Strength (CFS) rating of ‘bbb+’. The Outlook for the LT FCR and BSR is Stable.

The three-notch uplift of the LT FCR above the BSR is based on an E xtraordinary Support Level (E SL ) 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 existence of a state guarantee on all…