Industrial Bank of Kuwait ’s Ratings Affirmed with a Stable Outlook
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Ref: KW 0 07 1 9 CRA00- 01 6 August 2020
Industrial Bank of Kuwait ’s Ratings Affirmed with a Stable Outlook
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 Rati ngs has affirmed IBK’s Bank Standalone Rating ( BSR ) and Core Financial Strength ( CFS ) rating at ‘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 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 development bank, and the over 49% ownership of the Bank by the Kuwait government. In addition, the government has…