Industrial Bank of Kuwait : Ratings Affirmed

Ref: KW 0 0 7 2 1 CRA00- 01 28 June 202 2

Industrial Bank of Kuwait : Ratings Affirmed

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 Industrial Bank of Kuwait (IBK) at ‘A+’ and ‘A1’ respectively. At the same time, CI Ratings has affirmed both the Bank’s Bank Standalone Rating ( BSR) and Core Financial Strength (CFS) rating at ‘bbb+’ . The Outlook for the LT FCR and BSR remains Stable.

The three-notch uplift of the LT FCR above the BSR is based on an Extraordinary Support Level ( ESL ) of High. The ESL takes into account the Bank’s special market position in the Kuwaiti banking sector as the country’s sole develop ment bank, and its substantial shareholding by the Kuwaiti government. In addition, the government has a strong track…