Industrial Bank of Kuwait’s Ratings Affirmed, with a Stable Outlook

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 both IBK’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 development bank, and the over 49% ownership of the Bank by the Kuwaiti government. In addition, the government has a strong track record of providing assistance to…